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S&P cuts Transocean to D
S&P said it cut the issuer ratings on Transocean Ltd. and issuing subsidiary Transocean Inc. to SD, Selective Default, from CC. The agency also downgraded the company’s 7¼% senior unsecured guaranteed notes due 2025 to D from CC.
The downgrade follows Transocean Ltd. completing an exchange of its unrated 0.5% exchangeable senior bonds due 2023 and certain of its 7¼% notes. The company also bought back more of its 7¼% notes for 85% of par.
“In our view, the exchanges offer participating bondholders less than the original promise of the securities, and thus, combined with our assessment of the company's liquidity as ‘less than adequate’ (before the exchanges), we consider them selective defaults,” S&P said in a press release.
The agency said it plans to review its Transocean ratings over the next week.
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