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S&P puts Atwood Oceanics on positive watch
S&P said it placed its ratings, including its B- corporate credit rating, on Atwood Oceaneering Inc. on CreditWatch with positive implications.
S&P also placed the B- senior unsecured debt rating on CreditWatch with positive implications. The recovery rating on this debt remains 4, indicating an expectation of average (30%-50%; rounded estimate: 35%) recovery in the event of a default.
“The CreditWatch placement on Atwood reflects the likelihood for an upgrade following the close of its acquisition by higher-rated Ensco plc,” said S&P credit analyst Ben Tsocanos in a news release.
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