S&P ups Pride debt

Standard & Poor's said it affirmed the BBB+ corporate credit and senior unsecured debt ratings on Ensco plc and Ensco International Inc. and removed the ratings from CreditWatch with negative implications where they were placed on Feb. 7.

The outlook is negative.

S&P raised the senior unsecured debt rating on Pride International Inc. to BBB+ from BBB- and removed the rating from CreditWatch with positive implication where it was placed on Feb. 7. The rating action reflects the completed acquisition of Pride by Ensco.

The A-2 commercial short-term commercial paper rating on Ensco remains unchanged.

The ratings on Ensco reflect its large fleet of mobile offshore drilling units that have been enhanced with the Pride International acquisition and its good geographic diversification, the agency said. The ratings also reflect relatively weak industry conditions and the company's increased debt leverage as a result of the Pride acquisition.

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