Moody's upgrades J Ray, rates loans

Moody's Investors Service said it upgraded the corporate family ratings of both McDermott International, Inc. and J Ray McDermott, SA to Ba1 from Ba2, along with the probability of default ratings to Ba2 from Ba3 and existing senior secured debt ratings to Baa3 from Ba2. Also upgraded was the senior secured rating of Babcock & Wilcox Power Generation Group Inc. to Baa2 from Baa3.

Moody's also said it assigned a Baa3 senior secured rating to J Ray's proposed $900 million bank revolver and a Baa2 senior secured rating to the proposed $700 million bank revolver of Babcock & Wilcox Investment Co.

In anticipation of the pending spinoff of McDermott's Babcock & Wilcox operations in the second half of 2010, Moody's said it assigned it a Ba1 corporate family and Ba2probability of default rating.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.