S&P lowers Odebrecht Offshore Drilling Finance

Standard & Poor’s said it lowered its rating on Odebrecht Offshore Drilling Finance Ltd.’s notes to CCC+ from B-. At the same time, S&P maintained the rating on CreditWatch negative.

“The downgrade reflects our belief that OODFL’s financial performance will further deteriorate, resulting in lower cash flow available for debt service (CAFDS) in the upcoming years because of the termination of a charter and service contract for ODN Tay,” S&P said in a news release.

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