Summary: Pride International Inc. Jun 05
Standard & Poors, June 2005
Abstract
The ratings on Pride International Inc. reflect participation in the highly competitive, deeply cyclical, and capital-intensive contract-drilling segment of the oilfield services industry. Furthermore, ratings reflect lagging credit measures, despite debt reduction over the past year. Somewhat offsetting rating concerns is a large, well-diversified fleet of offshore drilling units, a balanced contract revenue portfolio, broad geographic exposure to the world's major offshore petroleum-producing regions, and a strengthening backlog of favorable contracts for its rigs. Houston, Texas-based Pride has about $1.3 billion in long-term debt. Pride's business profile reflects participation in the highly competitive and cyclical contract-drilling industry, which is characterized by periods of strong demand, tight rig supply, and high day rates (which can prompt new rig construction or upgrades),...
Companies mentioned in this report are: Pride International Inc.,Petroleo Brasileiro S.A. - Petrobras,Petroleos Mexicanos (PEMEX)
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Pride International Inc.,Petroleo Brasileiro S.A. - Petrobras,Petroleos Mexicanos (PEMEX)
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