Moody’s cuts McDermott Technology

Moody’s Investors Service said it downgraded McDermott Technology (Americas), Inc.’s probability of default rating to D-PD from Caa2-PD, its corporate family rating to Ca from Caa2, the super-priority credit facilities rating to B3 from B2, the senior secured credit facilities rating to Ca from Caa2 and its senior unsecured notes rating to C from Ca.

The ratings downgrades were prompted by the company’s Tuesday announcement it intended to voluntarily file for relief under Chapter 11 of the United States Bankruptcy Code. The speculative grade liquidity rating is unchanged at SGL-3. The outlook is stable.

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