Summary: Pride International Inc. Apr 06
- ID: 1829790
- April 2006
- Region: Global
- Standard & Poors
The ratings on contract drilling firm Pride International Inc. remain on CreditWatch with negative implications. The CreditWatch listing followed the company's announcement in March of 2006 that it would be delayed in the filing of its 2005 annual report on Form 10K. Pride announced in late March 2006 that it had obtained a waiver until June 30, 2006 from the lenders under its senior secured revolving credit facility related to the late filing. The CreditWatch listing reflects the potential for ratings to be lowered or affirmed in the near term. Standard & Poor's expects to resolve the CreditWatch listing pending Pride's completion of the filing of 2005 financial statements. If no additional, unforeseen developments occur and statements can be filed...
Companies mentioned in this report are:
- Pride International Inc.
- Petroleo Brasileiro S.A. - Petrobras
- Noble Corp.
- Petroleos Mexicanos
- Diamond Offshore Drilling Inc.
- Transocean Inc.
- GlobalSantaFe Corp.
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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. SHOW LESS READ MORE >