Pride Intl raised to 'BB+' on improving cash flow, revenue backlog - S&P |
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Tue, 20 Nov 2007 05:51
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Service said it has raised US-based offshore contract drilling firm Pride International Inc's corporate credit rating to 'BB+' from 'BB' and unsecured debt rating to 'BB+' from 'BB-' with a stable outlook, citing continued improvement in cash flow and credit metrics and a strengthening backlog of contract revenues.The ratings reflect a large, well-diversified fleet of mobile offshore drilling units, a fairly broad geographic scope of operations, a growing backlog, and an improving financial risk profile, the rating agency said.The strengths are partially tempered by expanding near- to intermediate-term capital spending requirements, concerns regarding the longer term earnings prospects for Pride's older, mat-supported jackup units, and participation in a historically cyclical and capital-intensive industry, S&P said.TFN.newsdesk@thomson.comans/jroCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Diamond Offshore ratings unchanged after co says it is to pay special div - S&P 