Fitch upgrades PGS

Fitch Ratings said it upgraded PGS ASA's issuer default rating to B from B- and removed it from rating watch positive. The outlook is stable.

The upgrade indicates receding liquidity risk following the completion of its refinancing and equity-raise as well as improved credit metrics.

Fitch said it now views PGS as better-positioned to absorb future volatility in the oilfield services market, with no near-term maturities while the equity-raise and the amortization schedule of the new debt will aid reducing gross debt to less than $1 billion by end-2020.

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