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S&P cuts Diamond Offshore Drilling
S&P said it lowered its corporate credit rating on Diamond Offshore Drilling Inc. to B+ from BB-.
The rating outlook is negative.
The agency also lowered the issue-level rating on the company's senior unsecured debt to B+ from BB-. The recovery rating remains 4, indicating expectations for average (30% to 50%; rounded estimate: 40%) recovery in the event of a payment default.
S&P said Diamond Offshore Drilling has scrapped five rigs (20% of its overall fleet) year-to-date in 2017, and the agency expects the company to scrap additional rigs sometime next year, reflecting ongoing weak conditions in the global offshore drilling sector and limited opportunities for these vessels to return to work.
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