Fitch rates Nabors convertbles A-

Fitch Ratings said it assigned an A- issuer default rating to Nabors Industries, Inc. - a wholly owned subsidiary of Nabors Industries, Ltd. - and assigned A- ratings to its senior unsecured debt and convertible debentures.

The oulook is stable.

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

Offsetting factors include the higher capital expenditures associated with its current newbuild program, execution risks associated with the company's newbuild program, the volatility associated with North American land drilling sector, and the potential for additional share repurchases, Fitch said.

Debt to EBITDA was 2.5x for the last 12 months ended June 30.

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