Moody's trims Shelf Drilling

Moody's Investors Service said it downgraded Shelf Drilling, Ltd.'s corporate family rating to Caa1 from B3 and its probability of default rating to Caa1-PD from B3-PD.

The agency also lowered the rating on the $900 million senior unsecured bonds issued by Shelf Drilling Holdings, Ltd. to Caa2 from Caa1. The outlook on the companies changed to negative from stable.

The downgrade and outlook revision reflect Moody's view Shelf Drilling's credit metrics will remain higher in this depressed market, contrary to the agency's previous forecast of modest and gradual improvement, the agency said.

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