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S&P affirms Ensco Rowan
S&P said it affirmed its B- issuer credit rating on Ensco Rowan plc and removed all ratings from CreditWatch, where S&P placed them with positive implications on Oct. 9, 2018.
The outlook is negative.
The B issue-level rating and 2 recovery rating on Ensco Rowan's unsecured notes are unchanged, reflecting an expectation of substantial (70%-90%; rounded estimate: 85%) recovery in the event of default.
“The negative outlook reflects our expectation that Ensco Rowan's credit measures will be weak for the ratings over the next year, including debt to EBITDA of 10x on average over the next couple of years,” S&P said in a news release.
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