S&P: Pride International unaffected

Standard & Poor's said that Pride International Inc.'s (BB/stable/--) announcement that it will restate its consolidated financial information for the years 2001 to 2004, the first and second quarterly periods in 2005, all quarterly periods in 2004, as well as delay filing its third-quarter 2005 form 10-Q would not immediately affect company ratings.

The company is restating previous periods to correct errors in its accounting policy used to account for interest rate swap and cap agreements required under its drillship and semisubmersible loans, S&P said.

The company also announced that is has obtained a waiver from lenders extending filing delivery requirements under its credit facility. Nevertheless, if delays in filing persist beyond a reasonable near-term time frame, negative ratings actions could occur, S&P said.

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