Moody's ups Rowan to stable

Moody's Investors Service said it changed the outlook for Rowan Cos. to stable from negative.

The agency also said it affirmed Rowan's Baa3 senior unsecured ratings.

The stable outlook reflects an expectation that Rowan's leverage will improve and return to levels consistent with the Baa3 rating, Moody's said.

In addition to its historically conservative financial profile, the ratings also take into account Rowan's position within the offshore drilling market as a leading provider of premium jack-up rig services with historically conservative financial policies, Moody's said.

The rating is tempered by Rowan's strong exposure to the volatile jack-up market, the agency said.

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