KLR Cuts Estimates, PT on Atwood Oceanics (ATW) over Debt Concerns
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S&P Lowers Outlook on Atwood Oceanics (ATW) to Negative
January 7, 2016 10:08 AM ESTStandard & Poor's Ratings Services said it affirmed its 'BB' corporate credit and senior unsecured debt ratings on Atwood Oceanics (NYSE: ATW) and revised the outlook to negative from stable. The recovery rating on the company's senior unsecured notes remains '3', indicating our expectation for meaningful (higher half of the 50% to 70% range) recovery if a payment default occurs.
"The outlook revision reflects our expectation that Atwood's credit measures will deteriorate meaningfully in 2017 and 2018 due to depressed industry conditions, despite our... More
