Transocean (RIG) Tops Q4 EPS by 18c, Offers FY15 Guidance

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Go back to Transocean (RIG) Tops Q4 EPS by 18c, Offers FY15 Guidance

Moody's Lowers Transocean (RIG) to 'Baa1'; Sees Increased Leverage on 'Prolonged Industry Down-Cycle'

February 25, 2015 2:59 PM EST

Moody's Investors Service (Moody's) downgraded Transocean's (NYSE: RIG) senior note rating to Ba1 from Baa3 to reflect the company's large capital commitments and Moody's expectation for a significant increase in leverage as the company enters what it believes could be a prolonged industry down-cycle. Moody's also assigned a Ba1 Corporate Family Rating and SGL-1 Speculative Grade Liquidity Rating. This action concludes the ratings review that was initiated on January 6, 2015.

"Transocean has been weakly positioned in its rating for the last few years as it focused on lingering issues related to Macondo, increased... More