Transocean Inc.'s Proposed $750 Million Unsecured Guaranteed Notes Due 2027 Rated 'B-'
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NEW YORK (S&P Global Ratings) Jan. 8, 2020--S&P Global Ratings today assigned
its 'B-' issue-level and '2' recovery ratings to Cayman Islands-based offshore
drilling contractor Transocean Inc.'s proposed $750 million unsecured
guaranteed notes due 2027. Parent company Transocean Ltd. as well as certain
subsidiaries of Transocean Inc. will guarantee the notes. The '2' recovery
rating indicates our expectation for substantial (70%-90%; rounded estimate:
85%) recovery to creditors in the event of a payment default. We expect
Transocean to use proceeds from the offering primarily to refinance,
repurchase, or redeem existing debt.
All existing issue and recovery ratings are unchanged.
The issuer credit rating on Transocean Ltd remains 'CCC+' with a negative
outlook.