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S&P rates Ensign Drilling notes BB-
S&P said it assigned a BB- unsecured debt rating and 4 recovery rating to Ensign Drilling Inc.'s proposed $700 million senior unsecured notes due 2024.
The agency also said it assigned a BB- long-term issuer credit rating to the company.
The outlook is stable.
The issuer credit rating on Ensign reflects the company's: strong market share in Canada, the United States and Australia, along with good geographic diversification and ability to temper EBITDA margin volatility throughout the hydrocarbon price cycle, S&P said.
These strengths are partially offset by Ensign's relatively small fleet of AC super triple rigs compared with that of its U.S. peers, the agency said.
The stable outlook reflects a view that Ensign will be able to keep funds from operations-to-debt in the 15% to 20% range while it maintains adequate liquidity during the next 12 months, the agency said.
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