Moody's lowers Ausdril, notes

Moody's Investors Service said it downgraded the corporate family rating of Ausdrill Ltd. to Ba3 from Ba2.

At the same time, the agency downgraded the rating on the $300 million senior unsecured notes of Ausdrill Finance Pty Ltd. to B1 from Ba3.

The outlook is stable.

"The downgrade of Ausdrill's corporate family rating to Ba3 with a stable outlook reflects our expectation that operating conditions in the mining services sector will remain challenging over the next 12 to 18 months," Moody's vice president and senior analyst Matthew Moore said in a news release, adding, "this increases uncertainty around replacing and renewing contracts and will further pressure margins and credit metrics."

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