Moody's rates Pride notes Ba1

Moody's Investors Service said it assigned a Ba1 (LGD4, 56%) rating to Pride International, Inc.'s proposed offering of senior unsecured notes.

The agency also affirmed Pride's Ba1 corporate family and probability-of-default ratings and the Ba1 (LGD4, 56% from 59%) rating on its $500 million senior unsecured notes due 2014. Pride's speculative grade liquidity rating was upgraded to SGL-1 from SGL-2.

The outlook remains positive.

"This debt offering will further strengthen Pride's liquidity and provide additional funding for its four deepwater drillships under construction," Pete Speer, Moody's vice president, said in a statement.

"Although this offering will increase leverage and the medium term outlook for the company's earnings and cash flows has weakened, Pride continues to make solid progress on the expansion of its high quality deepwater drilling fleet," Speer said.

© 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.