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Moody’s downgrades NOV
Moody’s Investors Service said it downgraded NOV Inc.’s senior unsecured rating to Baa2 from Baa1.
“NOV's earnings were severely reduced in 2020 by the collapse in upstream capital investment and look likely to remain at low levels in 2021 before beginning a slow recovery in 2022,” said Moody's senior vice president Pete Speer in a news release.
The outlook is negative.
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