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Prospect News home > News index > List of issuers D > Headlines for Diamond Offshore Drilling, Inc. > News item |
S&P rates Diamond Offshore notes A-
Standard & Poor's said it issued an A- rating to Diamond Offshore Drilling's $250 million in senior unsecured notes due in 2015 and affirmed Diamond's A- corporate credit rating.
The outlook remains stable.
The proceeds from the issuance will be used for general corporate purposes. Diamond recently tendered for $460 million in zero-coupon convertible debentures, and proceeds from this issue along with $250 million from notes issued in August 2004 will be used to replenish cash balances.
S&P said the ratings on Diamond reflect its large, well-diversified offshore drilling fleet, significant leverage to the deepwater rig markets, and a moderate financial profile. The ratings also incorporate the inherent risks in competing in the deeply cyclical and capital-intensive marine contract drilling industry.
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