Fitch lifts Eurasia Drilling

Fitch Ratings said it upgraded Eurasia Drilling Co. Ltd.'s long-term foreign and local currency issuer default ratings to BB+ from BB.

The outlook is stable.

The agency said the upgrade reflects the company’s continuous focus on deleveraging since 2016, with funds from operations net leverage expected to remain sustainably below Fitch's 1.5x guideline over 2018 through 2021.

Against the backdrop of improving market conditions, Eurasia Drilling has applied positive free cash flow towards debt reduction, which strongly mitigates the group's foreign exchange risk, provides headroom for potential foreign exchange or market challenges and establishes a track record of prudent financial policies, the agency said.

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