S&P gives BBB to Odebrecht Offshore Drilling notes

Standard & Poor's said it assigned its BBB preliminary rating to Odebrecht Offshore Drilling Finance Ltd.'s up to $1.9 billion senior secured notes due October 2022.

The outlook is stable.

"Odebrecht Oil & Gas SA, a Brazilian company that provides integrated services for the upstream oil & gas industry, has grouped together three of its seven ultra deepwater drillships to refinance costs associated with construction loans through the issuance of a 144A Regulation S bond," said S&P credit analyst Candela Macchi in a news release.

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