S&P puts Ensco on positive watch

S&P said it placed its ratings on Ensco plc, including its B- issuer credit rating, on CreditWatch with positive implications.

S&P also placed the B issue-level rating on the company's senior unsecured debt on CreditWatch with positive implications. The recovery rating on this debt remains 2, indicating an expectation of substantial (70% to 90%; rounded estimate: 80%) recovery to creditors in the event of a payment default.

The CreditWatch placement follows Ensco’s announcement that it has agreed to merge with offshore drilling peer Rowan Cos. plc (B/negative/--) in an all-stock transaction valued at about $2.4 billion based on closing stock prices this past Friday, S&P said in a news release.

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