Fitch: Eurasia Drilling on negative watch

Fitch Ratings said it placed Eurasia Drilling Co. Ltd.’s long-term foreign- and local-currency issuer default ratings of BB on Rating Watch negative.

The agency also placed the company’s national long-term rating of AA-(rus) on negative watch and affirmed its short-term foreign- and local-currency issuer default ratings at B.

OOO Burovaya Kompaniya Eurasia’s senior unsecured rating of BB and national senior unsecured rating of AA-(rus) also were placed on negative watch, Fitch said, along with EDC Finance Ltd.’s senior unsecured rating of BB.

The negative watch follows news that the company received an offer for a potential merger with the intention of taking Eurasia Drilling private, the agency said.

Over the next six months, the agency said it will continue to assess the impact of any merger or failure to merge.

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