S&P rates Odebrecht Offshore notes BBB

Standard & Poor's said it assigned a preliminary BBB rating to Odebrecht Offshore Drilling Finance Ltd.'s proposed senior secured notes for up to $580 million due October 2022.

The agency also said it affirmed the BBB rating on the company's $1.69 billion senior secured notes.

The outlook is negative.

Odebrecht Oil & Gas SA has initially pooled together three of its seven ultra-deepwater drillships to refinance about $1.69 billion in the capital markets, S&P said.

The company has concentrated those assets under Odebrecht Offshore Drilling Finance, the agency said.

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