Moody’s assigns B1 to Borets notes

Moody's Investors Service said it affirmed the B1 corporate family rating and the B1-PD probability of default rating of Borets International Ltd.

Concurrently, the agency assigned a B1 rating to the proposed five-year senior unsecured notes to be issued by Borets Finance DAC, a wholly owned subsidiary of Borets incorporated under the laws of Ireland, and guaranteed by the parent company and its principal Russian subsidiary, Borets Co.

The outlook was changed to positive from stable.

"Our decision to change the outlook to positive reflects Borets' solid operating performance track record despite extreme stresses in the oil-field services industry over the past 12-18 moths, as well as financial and liquidity profile improvements," Moody’s assistant vice president, analyst Ekaterina Lipatova said in a news release.

The company intends to use the net note proceeds to repay outstanding borrowings under its existing senior unsecured notes due in 2018 as well as bank credit facility.

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