Fitch lowers Anton Oilfield

Fitch Ratings said it downgraded Anton Oilfield Services Group’s long-term issuer default rating and senior unsecured rating to BB- from BB.

The outlook remains negative.

The downgrade follows a further profit warning from the company, which shows that the challenging market conditions are impacting Anton’s performance more severely than previously expected, Fitch said.

The delays in the launches of upstream oil- and gas- exploration and production projects and margin compression in the industry are not likely to reverse in the near future, the agency said.

The negative outlook captures uncertainties in the oilfield-services sector, with low oil prices leading to capital expenditure cuts by upstream companies and pressuring rates charged by oilfield-service providers, Fitch said.

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