Moody's assigns Odebrecht notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Odebrecht Offshore Drilling Finance Ltd.'s (Baa3/stable) planned issuance of $580 million of a new series of senior secured notes due in October 2022.

Concurrently, the agency affirmed the Baa3 rating on the existing $1.69 billion of Odebrecht senior secured notes due October 2022. The existing senior secured notes will rank pari-passu with the new notes.

The outlook is stable.

Moody's said the Baa3 rating assignment and rating affirmation considers the addition of the ODN Tay IV to the collateral package resulting in higher leverage and two vessels having rechartering risk.

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