S&P assigns Vantage Drilling notes B-

S&P said it assigned B- and 2 recovery ratings to Vantage Drilling International’s planned $200 million of first-lien notes due 2028. The 2 recovery rating indicates substantial (70%-90%; rounded estimate 75%) recovery in default.

“This rating assumes the company refinances the 2023 notes as proposed, there are no material changes to our assumptions, and we raise our issuer credit rating on Vantage to CCC+ (as expected) at the close of the transaction,” the agency said in a press release.

The ratings are on CreditWatch with positive implications.

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