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S&P: RDS Ultra-Deepwater view stable
Standard & Poor's said it revised its outlook on RDS Ultra-Deepwater Ltd. to stable from positive.
At the same time, S&P affirmed its B issue rating on RDS' $270 million senior secured notes due 2017.
The outlook revision reflects the lower-than-expected prepayment of the bank loan.
"We had expected that by year-end 2013 the outstanding balance on the unrated senior bank loan would be about 5% of the $225 million initially contracted. However, we have revised our base-case to indicate that by year-end, the outstanding balance of the bank loan will be about 20% of the initial contracted amount," S&P credit analyst Monica Ponce said in a news release.
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