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S&P lowers Vantage to negative
Standard & Poor’s said it revised the outlook to negative from stable on Vantage Drilling Co. and affirmed its B- corporate credit rating.
S&P also said it affirmed the B- ratings on the company’s senior secured debt.
The recovery rating on the debt remains at 3, indicating 50% to 70% expected default recovery.
The ratings reflect the company’s weak business profile, highly leveraged financial risk profile and adequate liquidity, S&P said.
The ratings also consider the company’s limited operating diversity, the agency said.
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