Moody's gives B1 to Expro notes

Moody's Investors Service said it assigned B2 corporate family and probability-of-default ratings to Expro Holdings UK 3 Ltd. and a B1 rating to the senior secured $1.35 billion senior secured notes due December 2016 to be issued by Expro Finance Luxembourg SCA.

The outlook is stable.

The B2 corporate family rating reflects Expro's strong competitive position as a provider of services and products that assist in the surveillance and control of oil and gas wells, the agency said.

The rating also incorporates Expro's high level of debt combined with the limited prospect of near-term deleveraging, the agency noted.

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