S&P rates Trinidad Drilling notes BB-

Standard & Poor's said it assigned Trinidad Drilling Ltd. a BB- long-term corporate credit rating.

S&P also assigned a BB- issue-level rating with a 4 recovery rating to the company's proposed $450 million senior notes due 2019. The 4 recovery rating indicates the expectation of average (30%-50%) recovery in the event of a default.

The outlook is stable.

The ratings reflect the company's weak business risk profile and significant financial risk profile, S&P said.

The ratings also consider strong profit margins and high utilization rates in the U.S. markets, the agency said.

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