S&P rates Transocean Sentry notes B+

S&P said it assigned its B+ issue-level rating and 1 recovery rating to the proposed $500 million of senior secured notes due 2023 that will be issued by Transocean Sentry Ltd., a Cayman Islands indirect subsidiary of offshore drilling contractor Transocean Ltd.

The 1 recovery rating on the notes indicates an expectation for very high recovery (90%-100%; rounded estimate: 95%) for creditors in a payment default.

S&P also affirmed its B+ issue-level rating on Transocean's existing secured debt (including its secured credit facility), the B issue-level rating on its unsecured debt with subsidiary guarantees, and the B- issue-level rating on its unsecured debt without guarantees, although S&P said it is revising the recovery rating on the unsecured debt to 3 from 4 based on a higher estimate of enterprise value.

All of the company’s other ratings remain unchanged.

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