Moody's drops McDermott facility to Ba1

Moody's Investors Service said it downgraded McDermott International, Inc.'s corporate family rating to Ba2 from Ba1, its probability of default rating to Ba3-PD from Ba2-PD and the rating on its senior secured credit facility to Ba1 from Baa3.

The agency also assigned a speculative grade liquidity rating of SGL-3.

The outlook is negative.

Moody's said the downgrade reflects McDermott's significantly weaker than expected operating results which, combined with its elevated spending on growth investments, are driving a substantial deterioration in its credit metrics.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.