Rowan Announces Cash Tender Offers

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S&P Downgrades Rowan Cos. (RDC) to 'B+'; Outlook is Stable

December 5, 2016 2:08 PM EST

S&P Global Ratings lowered its corporate credit rating on Rowan Cos. Inc. (NYSE: RDC) to 'B+' from 'BB'. The outlook is stable.

At the same time, we lowered our issue-level rating on the company's senior unsecured debt to 'B+' from 'BB'. The recovery rating on this debt is '4', reflecting our expectation of meaningful (30% to 50%, upper half of the range) recovery to creditors in the event of... More