Moody's rates Ocean Rig loans B2

Moody's Investors Service said it assigned provisional B2 ratings to the proposed $900 million three-year senior secured term loan and proposed $900 million seven-year senior secured term loan, with Drillships Financing Holding Inc. as borrower, a subsidiary of Ocean Rig UDW Inc.

Moody's also affirmed Ocean Rig's B3 corporate family rating, Caa1-PD probability of default rating and Caa3 rating on the senior unsecured notes, as well as the B3 rating on the secured notes issued by Drill Rigs Holdings Inc.

The outlooks are stable.

Moody's said the provisional B2 ratings on the new secured term loans, one notch above the corporate family rating, reflect that they will be secured by first-liens on the newest operational vessels, the Corcovado, Olympia, Poseidon and Mykonos drillships, as well as substantially all other assets of Drillships except such items as drilling contracts.

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