S&P upgrades Atwood, debt

S&P said it raised its corporate credit and senior unsecured debt ratings on Atwood Oceanics Inc. to B+ from B- and removed the ratings from CreditWatch, where they were placed with positive implications on May 30.

The agency subsequently withdrew the corporate credit rating on Atwood at Ensco's request. S&P also withdrew the ratings on Atwood's senior unsecured notes because Ensco plans to retire all of Atwood's outstanding debt.

S&P said the actions follow Ensco's announcement that it has closed its acquisition of Atwood.

“The upgrade reflects our assessment that Atwood is a core subsidiary of Ensco. This is because Atwood operates in a line of business that is integral to Ensco's strategy, and we believe that Atwood will be fully integrated into Ensco's assets,” the agency said in a news release.

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