Fitch lowers Nabors

Fitch Ratings said it downgraded Nabors Industries, Ltd.’s long-term issuer default rating to BBB- from BBB.

The outlook remains negative.

The downgrades reflect the lower and longer onshore rig recovery profile following the downward revision of oil- and gas-price assumptions, Fitch said.

The agency said it anticipates Nabors will continue to take steps to manage operating costs, balance capital spending with operating cash flow and curb incremental shareholder activities.

The negative outlook considers the effects that persistently low oil and gas prices could have on the capital budgets of U.S. and international companies, Fitch said.

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