S&P trims Weatherford outlook to negative

Standard & Poor’s said it affirmed its BB+ corporate credit and debt ratings on Weatherford International plc and revised the outlook to negative.

The short-term corporate credit rating remains B.

S&P also affirmed the BB+ issue-level rating on the company’s senior unsecured debt (issued by subsidiary Weatherford International Ltd.). The recovery rating remains 3, indicating meaningful (higher end of the 30%-50% range) recovery in the event of a payment default. S&P also affirmed the B short-term rating on commercial paper issued by Weatherford International Ltd.

“The ratings on Weatherford reflect our assessment of the company’s satisfactory business risk and aggressive financial risk profiles, as well as adequate liquidity,” said S&P credit analyst Carin Dehne-Kiley in a news release.

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