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Prospect News home > News index > List of issuers C > Headlines for China Oilfield Services Ltd. > News item |
S&P downgrades China Oilfield
S&P said it lowered the long-term corporate credit rating on China Oilfield Services Ltd. to BBB from BBB+.
The agency also said it lowered the long-term issue rating on the senior unsecured debt that the company guarantees to BBB from BBB+.
S&P also said it lowered the long-term Greater China regional scale rating on the company and its guaranteed debt to cnA from cnA+.
The outlook is stable.
The downgrades reflect the company’s weak financial performance so far this year with an only gradual recovery expected over the next 12- to 24-months, S&P said.
The company reported weak results for the third quarter – a quarter that generally shows the best performance of the company’s year, the agency said.
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