S&P: Atwood Oceanics notes BB

Standard & Poor's said it assigned a BB corporate credit rating to Atwood Oceanics Inc. and a BB issue-level rating to Atwood's proposed $400 million senior unsecured notes due 2020.

The outlook is stable.

"The ratings on Atwood reflect Atwood's participation in a highly competitive, cyclical industry; its small fleet size and limited customer diversification; and its considerable capital spending program," S&P credit analyst Paul Harvey said in a news release.

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