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Moody's might cut Boart Longyear
Moody's Investors Service said it placed Boart Longyear Ltd.'s Ba3 corporate family rating and Ba3-PD probability of default rating under review for downgrade.
The company's speculative grade liquidity rating was downgraded to SGL-4 from SGL-2.
At the same time Moody's placed Boart Longyear Management Pty Ltd.'s B1 senior unsecured notes rating under review for downgrade. Boart guarantees the notes.
Moody's said the review for downgrade was prompted by its expectation that the time horizon over which Boart can improve its financial metrics and reduce debt will be more protracted than originally anticipated given the steeper and more accelerated decline in drilling activity among the company's customer base.
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