Home

Moody's upgrades Parker Drilling citing finances

By Associated Press
May 22, 2008 | Comments (0)

Recs

0

Moody's Investors Service on Thursday upgraded Parker Drilling Co.'s non-investment grade corporate family and probability of default ratings to "B1" from "B2," citing the oil drilling contractor's financial track record.

Moody's maintained its "B2" rating for Parker's 9.625 percent senior unsecured notes. The rating outlook is stable.

The ratings service said that the corporate family rating upgrade partially reflects Parker's conservative financial policies and its increased earnings power resulting from its rig upgrade and newbuild program.

In addition, Parker said the overall outlook for the drilling and services market is positive, with strong international and U.S. land markets expected to help offset weaker conditions in the shallow water U.S. offshore market.

Parker shares rose 7 cents to $9.11 in afternoon trading.

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

DocumentId: 650731, ~/articles/articlehandler.aspx, 12/2/2008 7:21:13 AM,

Sign up for FREE Motley Fool site access!

Already registered? Login Here

It’s FREE! Enter your email address, and we’ll rush you to the article you're looking for right now.

Privacy / Legal Information

We will use your email address only to keep you informed about updates to our web site and about other products and services that we think might interest you. The Motley Fool respects your privacy. Please read our Privacy Statement

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.