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Moody’s downgrades Weatherford to Ba1
Moody's Investors Service said it downgraded Weatherford International Ltd.'s and Weatherford International, LLC's senior unsecured ratings to Ba1 from Baa3.
At the same time, the agency assigned a Ba1 corporate family rating, Ba1-PD probability of default rating and a SGL-2 speculative grade liquidity rating.
The outlook was changed to stable from negative.
"The downgrade of Weatherford to non-investment grade reflects Moody's expectation that Weatherford's cash flow to debt metrics will remain weak relative to its Baa3 rated peers through 2016," Moody's vice president Gretchen French said in a news release.
"While we believe that Weatherford will generate free cash flow and will focus on debt reduction through 2016, it will continue to be modest and not sufficient to offset overall moderate cash flow generation stemming from a prolonged oilfield service cyclical downtown."
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