Moody’s gives Oceaneering notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to Oceaneering International, Inc.'s proposed offering of $500 million senior unsecured notes due 2024.

The ratings on Oceaneering's bank credit facilities and its stable outlook were unchanged.

"The senior notes will rank pari passu with the previously rated $300 million term loan and $500 million revolving credit facilities and therefore, have the same Baa2 rating," Moody's assistant vice president Sajjad Alam said in a news release.

"While this new offering will increase Oceaneering's debt burden from a very low level, the company will still have a manageable adjusted debt to EBITDA (leverage) ratio of 1.65x, which is comparable to other Baa2 rated diversified oilfield services companies. We do not anticipate additional debt issuances in the near future without a corresponding improvement in earnings."

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