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Oceaneering (OII) Rating Outlook Changed to 'Negative' from 'Stable' at Moody's

March 27, 2017 5:49 PM EDT

Oceaneering (NYSE: OII) sees approximately $1.3 million of unsecured debt instruments affected, as the company had its credit rating outlook change to negative by Moody's Investor Service. Moody's comments, "The negative outlook reflects our view that continued oil price volatility and diminished offshore exploration, drilling and development activities will lead to further decline in Oceaneering's financial performance in 2017 that could make its credit profile more comparable to non-investment grade companies,ยด commented Sajjad Alam, Moody's Senior Analyst. "Although Oceaneering has a long track record of conservative financial policies, the company's debt/EBITDA ratio (Moody's adjusted) had risen to 2.7x at December 31, 2016, and the ratio could stay elevated above 3x over a protracted period absent debt reduction or a sharp recovery in earnings."

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