Fitch rates Tuscany International notes B+

Fitch Ratings said it assigned a B+/RR4 rating to Tuscany International Drilling Inc.'s proposed $200 million seven-year senior unsecured notes issuance.

The RR4 recovery rating on the issuance reflects an average expected recovery in the event of default.

Tuscany's foreign and local currency issuer default ratings are both B+, with a stable outlook.

The notes will be guaranteed by Tuscany's subsidiaries: Tuscany South America Ltd., Tuscany Perfuracoes Brasil Ltda., Tuscany Perfuracoes Nordeste Ltda., Tuscany Riga Leasing SA and Caroil SAS.

Fitch said Tuscany's ratings reflect the company's moderate leverage, experienced management team and a technologically advanced asset fleet. The ratings also incorporate a degree of counterparty credit risk in its diversified customer base, a relatively small rig fleet and exposure to the cyclical and competitive onshore drilling industry.

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