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S&P changes Rowan to negative
S&P said it affirmed its ratings, including its B+ corporate credit rating, on Rowan Cos. Inc. and revised the outlook to negative from stable.
“The outlook revision reflects our view that offshore contract drilling services markets will remain depressed over the next two years,” the agency said in a news release.
“We expect Rowan's debt leverage to weaken over the period before improving thereafter on the recovery of demand and a reduction in rig supply.”
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