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S&P trims Vantage Drilling
S&P said it downgraded Vantage Drilling International to CCC from CCC+.
The agency also lowered the rating on the company's $350 million 9¼% senior secured notes due in 2023 to CCC+ from B and revised the recovery rating to 2 from 1, reflecting the expectation for substantial (70%-90%; rounded estimate: 85%) recovery of principal in the event of a payment default.
“The collapse in prices is likely to sharply reduce offshore drilling activity. Oil and gas producers announced material reductions to capital spending and drilling activity plans, which lowers demand for oilfield service providers such as Vantage Drilling. We expect offshore activity will be materially affected, which is already evident in recent news that active tenders are being cancelled or deferred,” S&P said in a press release.
The outlook is negative.
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