S&P trims Transocean

S&P said it lowered the rating on Transocean Ltd. to CCC+ from B- and lowered the issue-level ratings on its senior secured debt to B from B+, its unsecured debt with subsidiary guarantees to B- from B and its senior unsecured debt without subsidiary guarantees to CCC+ from B-.

“The downgrade reflects our view that Transocean Ltd.’s operating margins have weakened and will remain low for the next one to two years as utilization and day rates for offshore drilling rigs remain subdued,” said S&P in a press release.

The outlook is negative.

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