Moody's rates Turbo Beta, Abbot B1

Moody's Investors Service said it assigned a B1 corporate family rating to Turbo Beta Ltd. (consolidated with its subsidiaries, Abbot), the ultimate holding company for drilling contractor Abbot Group Ltd.

At the same time, Moody's said it assigned a Ba3 rating to the $1.55 billion of senior facilities raised by Turbo Alpha Ltd, the immediate holding company of Abbot Group plc.

The outlook is stable.

This is the first time that Moody's has assigned ratings to Abbot.

The agency noted that the B1 rating assigned to the parent company of Abbot Group reflects the group's exposure to the highly competitive and cyclical drilling industry which remains prone to the risk of over-capacity potentially developing, but which has been demonstrating robust growth in the recent past on the back of increased investments by international oil companies and national oil companies.

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