Moody’s rates Valaris notes B2

Moody’s Investors Service said it assigned a B2 rating to Valaris Ltd.'s planned $600 million of senior secured second-lien notes due 2030 and changed the outlook to positive from stable.

Moody's concurrently affirmed the company's B2 corporate family rating and left the SGL-2 speculative grade liquidity rating unchanged.

The proceeds will be used to redeem Valaris' first-lien notes due 2028, and for general corporate purposes.

"The positive outlook reflects the company's rising backlog and operating cash flow in a positively trending global offshore rig market," said Sajjad Alam, a Moody's vice president, in a statement.

"The outlook change also incorporates the company's improved maturity and liquidity profile following the refinancing of its existing 2028 notes and the closing of a new $375 million five-year revolving credit facility that will be put in place concurrent with the notes offering," Alam added.

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