Moody's boosts Transocean

Moody's Investors Service said it upgraded Transocean Inc.'s corporate family rating to Caa1 from Caa3, its probability of default rating to Caa2-PD from Caa3-PD and changed its outlook to stable from negative. Transocean's speculative grade liquidity rating remains unchanged at SGL-3.

"Sustained improvement in offshore drilling fundamentals has improved Transocean's cash flow outlook and our view on the overall recovery of its debt, supporting the ratings upgrade," commented Sreedhar Kona, a Moody's senior analyst, in a press release.

"The company has adequate liquidity to manage through its near-term maturities and Transocean's rising contract backlog and improving credit metrics also contribute to its stable outlook," Kona added.

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