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Moody’s applies A3 to Helmerich & Payne notes
Moody's Investors Service said it assigned an A3 rating to Helmerich & Payne International Drilling Co.'s proposed senior unsecured notes offering.
The outlook is stable.
Net proceeds will be principally used for general corporate purposes, including capital expenditures associated with the rig construction program.
Moody’s said the A3 senior unsecured rating is primarily driven by Helmerich & Payne’s very low leverage, high quality rig fleet, leading and diversified market position in the U.S. land drilling market, and the cyclical nature of the drilling rig industry.
The company's historically conservative financial policies, significant capital and operating flexibility and propensity to reinvest and organically grow its business are important contributing factors for its strong credit profile, the agency said.
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