Moody's upgrades Valaris

Moody's Investors Service said it upgraded Valaris Ltd.'s corporate family rating to B2 from B3, probability of default rating to B2-PD from B3-PD and secured notes to B2 from B3. The SGL-2 speculative grade liquidity rating was unchanged.

"The upgrade reflects Valaris' increasing revenue backlog and fleet utilization and our expectation that the company will sign more contracts at higher dayrates in an improving market," commented Sajjad Alam, a Moody's vice president, in a press release.

"Supply side constraints in global energy markets are likely to keep oil and gas prices elevated and attract higher investments in offshore exploration and development projects through 2023," Alam said.

The outlook remains stable.

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