Moody's revises Ensign outlook to stable

Moody's Investors Service said it changed Ensign Drilling Inc.'s outlook to stable from positive and affirmed its ratings, including the Caa1 corporate family and the Caa2 senior unsecured rating. The speculative grade liquidity rating remains SGL-4 (weak).

"The change in outlook to stable from positive reflects increasing near-term refinancing risk," said Whitney Leavens, a Moody's analyst, in a press release.

"Improving metrics underpinned by favorable industry fundamentals will support refinancing efforts, but Ensign has a short runway to address upcoming maturities with its entire capital structure becoming current in April 2023," she added.

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