Fitch rates Nabors A-

Fitch Ratings said it affirmed Nabors Industries, Inc.'s issuer default rating at A-, senior unsecured at A- and convertible debentures at A-.

Fitch also assigned parent Nabors Industries, Ltd. an issuer default rating of A-.

The outlook is stable.

The ratings are supported by the company's conservative management team, history of maintaining a robust credit profile throughout industry cycles and the size, diversity and quality of the company's fleet of drilling and work-over rigs, according to the agency.

Offsetting factors include a weakening North American land drilling market, two years of negative free cash flow as a result of significant capital expenditures to fund the company's newbuild/refurbishment program and the potential for additional share repurchases.

The issuer has a debt-to-EBITDA ratio of 2.4 times.

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