Moody’s changes Helmerich & Payne to stable

Moody's Investors Service said it revised Helmerich & Payne International Drilling Co.'s (H&P) outlook to stable from negative and affirmed its Baa1 senior unsecured notes rating.

"H&P will burn much less cash and retain a substantial portion of its liquidity cushion in 2018 as EBITDA and operating cash flow increase significantly from the trough 2017 level," Moody's senior analyst Sajjad Alam said in a news release.

"We expect US land drilling markets to be on firmer ground in 2018 backed by a 5%-10% growth in E&P spending and higher overall energy prices."

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