S&P rates Helmerich & Payne notes BBB+

Standard & Poor’s said it assigned a BBB+ corporate credit rating to Helmerich & Payne Inc.

The agency also said it assigned a BBB+ senior unsecured rating to the proposed senior unsecured notes to be issued by Helmerich & Payne International Drilling and guaranteed by Helmerich & Payne.

The outlook is stable.

The ratings reflect the company’s satisfactory business risk profile, modest financial risk profile and adequate liquidity, S&P said.

The ratings also consider the company’s limited geographic diversity relative to higher-rated peers and a view that Helmerich & Payne’s focus on the U.S. onshore drilling market could lead to higher cyclicality, the agency said.

The company should be able to quickly adjust operating costs to meet rig utilization, S&P added.

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