S&P cuts Diamond Offshore to BBB+

Standard & Poor's said it lowered its corporate credit and unsecured debt ratings on Diamond Offshore Drilling Inc. to BBB+ from A-.

The outlook is stable.

"The downgrade reflects our revised assumptions for day-rates and utilization of Diamond's uncontracted fleet and contract rollovers in light of weakening market conditions, resulting in weaker credit measures over the next two years," S&P credit analyst Carin Dehne-Kiley said in a news release.

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