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Rating Action:

Moody's concludes reviews for 11 US oilfield services companies

21 Mar 2016

New York, March 21, 2016 -- Moody's Investors Service (Moody's) concluded rating reviews on eleven US oilfield services companies. Moody's confirmed one company's rating, downgraded five companies' ratings one notch, four companies' ratings two notches, and one company's rating three notches. A list of each company's rating actions is included below.

Oil prices have dropped substantially reflecting continued oversupply in the global oil markets, very high inventory levels and additional Iranian oil exports coming on line. Moody's lowered its oil price estimates on January 21 and expects a slow recovery for oil prices over the next several years. Moody's expects that oilfield services companies will face an extremely challenging operating environment through at least 2018. Significantly reduced upstream capital spending and the declining creditworthiness of upstream customers coupled with an already over-supplied equipment market will keep pricing under heavy pressure through 2018. Leverage and cash flow metrics are expected to deteriorate into 2017 as demand for oilfield services declines.

The drop in oil prices and weak natural gas prices has caused a fundamental change in the energy industry, and its ability to generate cash flow has fallen substantially. Moody's believes this condition will persist for several years. As a result, Moody's is recalibrating the ratings of many energy companies to reflect this industry shift. For oilfield service companies specifically, weakening cash flow and liquidity, limited capital market access, and depressed asset values will hinder the ability of companies to meaningfully reduce debt creating significant stress in the industry. Our rating actions reflect the relative credit risk of oilfield service providers based on each company's leverage, liquidity, maturity profile, contract coverage, market position, diversification, and the quality of the customer base.

RATINGS RATIONALE

Bristow Group Inc.

Lead Analyst: Sajjad Alam

Moody's downgraded Bristow's Corporate Family Rating (CFR) to Ba3 from Ba2, with a negative outlook. The downgrade reflects Moody's expectation of continued weakness in offshore drilling markets through 2017 and Bristow's diminished revenue prospects from its oil and gas industry customers. Despite growing revenues from the UK Search & Rescue contract, Moody's expects that the deterioration in global deepwater and ultra-deepwater drilling activity, which provides the majority of Bristow's revenues, could push Bristow's debt / EBITDA near 5x in the fiscal year ending March 31, 2017. As a result, the company may need covenant relief from its bank group. Bristow is also facing a $200 million term loan maturity in November 2017. The Ba3 CFR is supported by Bristow's global scale, strong market position in the offshore helicopter services industry, large and modern fleet of mostly owned aircraft, contractual relationship with a diverse group of large oil and gas customers, and management's consistent commitment to safety and prudent capital management. With 360 aircraft in its consolidated fleet as of December 31, 2015, Bristow ranks as one of the top two players in most major offshore markets. However, there is excess capacity of heavy helicopters in the industry today and Bristow may need to rationalize its fleet to improve operating efficiency and financial leverage.

The negative outlook reflects the high degree of uncertainty surrounding Bristow's offshore oil and gas revenues, the potential need to renegotiate financial covenants, and the refinancing risks associated with the 2017 term loan maturity. A downgrade could occur if Bristow is unable to maintain adequate cushion under the financial covenants or if debt/EBITDA cannot be sustained below 5x. Moody's could consider an upgrade if the debt/EBITDA ratio can be sustained below 4x in a stable industry environment.

Cactus Wellhead LLC

Lead Analyst: Morris Borenstein

Moody's downgraded Cactus' Corporate Family Rating (CFR) to Caa1 from B3, with a negative outlook. Depressed drilling rig activity in the US and further pricing pressure resulting from E&P capital spending reductions will lead Cactus' credit metrics to deteriorate further in 2016. Moody's believes the significantly reduced number of remaining drilling and completion jobs, driven by the lower rig count, will result in further downward pricing pressure. The Caa1 reflects the company's small size in the competitive surface equipment market, the inherent cyclicality of oil and gas drilling activity to which Cactus is exposed. With activity projected to contract, Moody's believe Cactus will still generate modest free cash flow in 2016, a function of reducing working capital and cutting capital expenditures by almost half from 2015. In addition the company has effective access to $15 million of its revolver without testing its springing debt to EBITDA covenant. Moody's withdrew Cactus's SGL-3 rating.

The negative rating outlook reflects the expectation of weakening credit metrics and continued declines in drilling rig activity. The ratings could be downgraded if EBITDA to interest coverage declines below 1 times. The ratings could also be downgraded if the company does not generated free cash flow or the company needs to service interest through revolver borrowings. The ratings are not likely to be upgraded through 2016. However, debt/EBITDA sustained below 6 times while generating free cash flow could result in an upgrade.

CJ Holding Co.

Lead Analyst: Sajjad Alam

Moody's downgraded CJ's Corporate Family Rating (CFR) to Caa3 from B3, with a negative outlook. The downgrade reflects CJ's unsustainable capital structure, weak liquidity and the elevated risks of a debt restructuring in a challenged North American drilling and completion market. The company achieved breakeven EBITDA in the second half of 2015 and Moody's expects minimal EBITDA generation in 2016 that will keep the debt/EBITDA ratio at an extremely high level. CJ may also struggle to meet the minimum EBITDA requirements set forth under its credit facility financial covenants despite its intense efforts to reduce costs and improve operating efficiencies. The company had $95 million of cash on hand following a $130 million draw on its $300 million revolver in early 2016, leaving $36 million of availability under the revolver. As a result, the company could struggle to make debt service payments in 2017 if market conditions do not improve. The Caa3 rating also considers CJ's scale in North America as one of the top completion and production service providers; diversified service offerings, geographic footprint and customer base; and its track record as an efficient operator.

The negative outlook reflects CJ's poor liquidity and earnings prospects and the heightened risk of a payment default. A downgrade is likely if it appears that CJ might not be able to make the next interest payment or if total liquidity (cash plus revolver availability) falls below $60 million. An upgrade is unlikely barring a significant improvement in business conditions or liquidity.

Compressco Partners, L.P.

Lead Analyst: Amol Joshi, CFA

Moody's downgraded Compressco's Corporate Family Rating (CFR) to B2 from B1, with a negative outlook. The downgrade reflects Moody's expectation of declining EBITDA and deteriorating leverage metrics, while Compressco's customers' credit quality weakens due to low oil and gas prices. Compressco's B2 CFR also reflects the company's market position as one of the leading providers of compression services and its asset base of almost 6,000 compressors with over 1.1 million of total fleet horsepower. Compressco's 2014 acquisition of Compression Systems, Inc. (CSI) positioned the company to compete with similar service providers including Archrock Partners, L.P. (Archrock, B1 negative). The CFR is supported by the company's relatively stable cash flows, underpinned by services that enhance oil and gas production and recoverable reserves, and facilitate natural gas gathering and transportation. It also reflects the volatility of new unit sales, representing roughly 31% of its 2015 revenues and its dependence on commodity prices, although new unit sales' relatively low margins compared to compression services reduces its impact on margin volatility. The rating considers the structural risks inherent in the MLP business model characterized by an acquisitive growth strategy and distribution pay-outs.

Compressco's rating outlook is negative reflecting the potential for credit metrics to weaken due to the challenging operating environment as well as its limited covenant cushion. Compressco's ratings could be downgraded should leverage exceed 6x or if its distribution coverage ratio falls below 1x on a sustained basis. A significant reduction in available liquidity could also lead to a downgrade. An upgrade would be considered if the debt-to-EBITDA metric approaches 4x, while EBITDA is sustained above $125 million with a distribution coverage ratio above 1.2x.

Era Group Inc.

Lead Analyst: Amol Joshi, CFA

Moody's downgraded Era's Corporate Family Rating (CFR) to B3 from B1, with a negative outlook. Era's B3 CFR reflects its relatively small scale and heavy reliance of its operations on activity levels in the Gulf of Mexico associated with exploration and production (E&P) companies. In 2015, 66% of Era's revenues were derived from operations in the Gulf of Mexico and this concentration exposes the company to regional event risk. As of December 31, 2015, Era had debt-to-EBITDA of around 4.1x, which is expected to worsen as Era's EBITDA declines further in 2016. The B3 rating is supported by Era's sticky customer relationships in the oil and gas industry and its track record of operating profitably through commodity price cycles. In addition, Era owns the vast majority of its helicopter fleet, which has an estimated value of roughly $900 million, providing good asset coverage for its $288 million debt balance.

Era's rating outlook is negative reflecting the potential for credit metrics to weaken due to the challenging operating environment as well as Era's limited covenant cushion. A downgrade would be considered if liquidity is significantly constrained or if Era's cash flow falls more than anticipated. A downgrade could also be triggered by the use of large amounts of debt to accelerate fleet upgrades or shareholder payouts as this action would represent a change in financial policy. An upgrade would be considered if the debt-to-EBITDA metric is below 5.0x on a sustained basis and annual EBITDA exceeds $75 million, while maintaining adequate liquidity. We would also expect the company to continue to conduct its newbuild program at a measured pace, funding growth mostly with internal cash flow and asset sales proceeds.

HGIM CORP.

Lead Analyst: Sreedhar Kona

Moody's downgraded Harvey Gulf's Corporate Family Rating (CFR) to Caa2 from B3. This downgrade was driven by HGIM's escalating leverage and weak liquidity. Although HGIM is relatively better positioned in its peer group with a high percentage of its utilization contracted through 2016 and beyond, its liquidity will worsen significantly through 2016 and 2017. HGIM's current utilization and day rates for the non-contracted vessels operating in the spot market are expected to drop significantly. Moody's outlook for HGIM's 2017 EBITDA will result in heightened risk of breaching minimum adjusted EBITDA covenant towards the end of 2017. Additionally, HGIM's debt to EBITDA ratio will increase to approximately 8x by year end 2016 and worsen through 2017. The company benefits from its strong contract coverage; however, given the customer and regional concentration, the possibility of dayrate dilution exists. Moody's withdrew HGIM's SGL-4 rating.

The negative outlook reflects the liquidity stress and the potential breach in the minimum required EBITDA covenant in late 2017. A downgrade could occur if the liquidity drops below $40 million. The ratings are not likely to be upgraded at least through 2016 given the softness in the offshore services activity. Should HGIM maintain high utilization rates and dayrates through good contract coverage combined with adequate liquidity and debt to EBITDA ratio below 6.0x, the ratings could be upgraded.

Hornbeck Offshore Services, Inc.

Lead Analyst: Sreedhar Kona

Moody's downgraded Hornbeck's Corporate Family Rating (CFR) to Caa1 from B2, with a negative outlook. This downgrade was driven primarily by Moody's view of further deterioration of day rates and utilization for the offshore supply vessels through 2016. Moody's expects Hornbeck will experience a significant impact on its 2016 EBITDA resulting in a debt to EBITDA ratio approaching 10x by year end 2016 and worsening further through 2017. Hornbeck's weak credit metrics are offset by its strong liquidity in the form of $300 million senior secured revolving credit facility, which is fully available, and approximately $260 million of cash on the balance sheet. The company's CFR benefits from its high-quality fleet that includes higher valued multi-purpose support vessels and a larger asset base than its peers; however, it is constrained by the concentration in the Gulf of Mexico.

The negative outlook reflects the potential for a protracted period of weak utilization and day rate environment leading to further deterioration in the company's credit metrics. A downgrade could occur if EBITDA drops below $100 million on a sustained basis or if liquidity weakens materially. The ratings are not likely to be upgraded at least through 2016 given the softness in the offshore services activity. Should a rise in utilization rates and dayrates contribute to a debt to EBITDA ratio sustaining below 6x, combined with at least adequate liquidity, Hornbeck's ratings could be upgraded.

Light Tower Rentals, Inc.

Lead Analyst: Morris Borenstein

Moody's downgraded Light Tower's (LTR) Corporate Family Rating (CFR) to Caa1 from B3, with a negative outlook. The Caa1 rating reflects LTR's declining profitability that will result in high debt to EBITDA, weakening interest coverage and a further deterioration in credit metrics in 2016. Moody's believes declines will be more pronounced in diesel generators and light towers than on natural gas generators that are used more in production activity. Moody's expects substantial exploration and production (E&P) customer capital budget reductions, generally, will add additional pricing pressure and lower utilization this year for LTR's rental equipment and related services. While the company's capex can be scaled down to lower activity levels, without material monetization of working capital, LTR will have near breakeven free cash flow in 2016. LTR's business is also characterized by low barriers to entry due to the un-contracted nature of rental revenues combined with the relatively low-technology product offering.

The negative rating outlook reflects weakening credit metrics in 2016 and a challenging operating environment over the next 12 to 18 months. The ratings could be downgraded if operating performance deteriorates such that EBITDA to interest coverage falls below 1.5 times, if the company is unable to generate free cash flow, or if its liquidity profile weakens. A rating upgrade is unlikely in 2016 given Moody's expectation for a very slow recovery in onshore drilling activity. The ratings could be upgraded if Debt/EBITDA is below 6x with positive free cash flow, and improving business conditions.

PHI, Inc.

Lead Analyst: Amol Joshi, CFA

Moody's confirmed PHI's B1 Corporate Family Rating (CFR), with a stable outlook. Moody's also assigned an SGL-1 Speculative Grade Liquidity Rating. The B1 CFR recognizes PHI's good business diversification providing air medical transportation services, growing medium and large helicopter fleet although with increased leverage, its long-standing customer relationships with large credit-worthy customers, leading market share in the Gulf of Mexico, durable contracts and its focus on oil and gas production operations which provide more stable revenues than exploration and development type activities. The rating also reflects PHI's limited scale within the broader oilfield services industry, concentration in the GoM, the relatively high proportion of light helicopters in its aircraft fleet, and its exposure to the volatile offshore oil and gas industry. In addition, PHI owns a significant majority of its helicopter fleet, which has an estimated value of roughly $1 billion, providing good asset coverage for its $790 million debt balance.

An upgrade could be considered if EBITDA can be sustained above $200 million with leverage below 4x. We would also look for PHI to maintain diversity of revenue streams. The CFR will likely be downgraded if debt/EBITDA exceeds 6x. A negative rating action could also result if liquidity appears insufficient to meet next twelve months funding requirements.

Prowler Acquisition Corp.

Lead Analyst: Morris Borenstein

Moody's downgraded Prowler's Corporate Family Rating (CFR) to Caa1 from B3, with a stable outlook. The Caa1 rating reflects Prowler's weak asset coverage of debt, weakening cash flow, and expectations of further deterioration in credit metrics. The low oil price environment will continue to negatively impact Prowler's business, particularly its exposure to drilling activity as E&P customers enter a second year of curtailing capital spending in 2016. The upstream segment of the business, which is directly exposed to drilling activity will see steep declines, reducing overall revenue and EBITDA. Moody's believes Prowler will generate modest free cash flow in 2016; however, it is dependent on working capital management. Still, the company has favorable margins (albeit declining), and is diversified across the energy value chain. Considerable revenue exposure to maintenance, repair and overhaul activity and midstream projects will help to provide a degree of stability to its revenue through the cycle.

The stable rating outlook considers that credit metrics will weaken over the next twelve months but that the company will generate modest free cash flow. The ratings could be downgraded if EBITDA/Interest expense falls below 1.5 times or if liquidity weakens materially. A ratings upgrade is unlikely over the near term. However, debt/EBITDA sustained below 6 times with more stable business conditions could lead to a ratings upgrade.

UTEX Industries, Inc.

Lead Analyst: Morris Borenstein

Moody's downgraded UTEX's Corporate Family Rating (CFR) to Caa2 from B3, with a stable outlook. The Caa2 reflects its small size, heavy debt burden and weakening credit metrics, with EBITDA expected to decline further in 2016. UTEX's exposure to drilling completions will pressure profitability from a combination of lower activity and significant pricing pressure from its customers. While UTEX has a good cash balance going into 2016, it will burn cash this year, burdened by its high interest expense. The company's performance is highly tied to new well drilling in the US, which Moody's anticipates will face downward pressure in 2016. UTEX's revenues are dependent on exploration and production (E&P) company capital budgets that face significant reductions this year. UTEX has high EBITDA margins (albeit declining) and benefits from not having maintenance financial covenants that test unless revolver usage exceeds $15 million.

The stable rating outlook reflects expectations of deteriorating credit metrics and a cash burn throughout 2016. The ratings could be downgraded if UTEX's liquidity worsens materially or if EBITDA to Interest expense falls below 1 times. The ratings are unlikely to be upgraded in 2016. The ratings could be upgraded if EBITDA to interest expense is sustained above 1.5 times.

The principal methodology used in these ratings was Global Oilfield Services Industry Rating Methodology published in December 2014. Please see the Ratings Methodologies page on www.moodys.com for a copy of this methodology.

..Issuer: Bristow Group Inc.

Downgrades:

.... Probability of Default Rating, Downgraded to Ba3-PD from Ba2-PD

.... Corporate Family Rating, Downgraded to Ba3 from Ba2

....Senior Secured Bank Credit Facility, Downgraded to Ba2 (LGD 2) from Ba1 (LGD 2)

....Senior Unsecured Regular Bond/Debenture, Downgraded to B1 (LGD 5) from Ba3 (LGD 5)

Lowered:

.... Speculative Grade Liquidity Rating, Lowered to SGL-3 from SGL-2

Outlook Actions:

..Issuer: Bristow Group Inc.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: CJ Holding Co.

Downgrades:

.... Probability of Default Rating, Downgraded to Caa3-PD from B3-PD

.... Corporate Family Rating, Downgraded to Caa3 from B3

....Senior Secured Bank Credit Facility, Downgraded to Caa3 (LGD 3) from B3 (LGD 3)

Lowered:

.... Speculative Grade Liquidity Rating, Lowered to SGL-4 from SGL-3

Outlook Actions:

..Issuer: CJ Holding Co.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Cactus Wellhead LLC

Downgrades:

.... Probability of Default Rating, Downgraded to Caa1-PD from B3-PD

.... Corporate Family Rating, Downgraded to Caa1from B3

....Senior Secured Bank Credit Facility, Downgraded to Caa1 (LGD 3) from B3 (LGD 3)

Withdrawals:

.... Speculative Grade Liquidity Rating, Withdrawn , previously rated SGL-3

Outlook Actions:

..Issuer: Cactus Wellhead LLC

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Light Tower Rentals, Inc.

Downgrades:

.... Probability of Default Rating, Downgraded to Caa1-PD from B3-PD

.... Corporate Family Rating, Downgraded to Caa1 from B3

....Senior Secured Regular Bond/Debenture, Downgraded to Caa1 (LGD 4) from B3 (LGD 4)

Outlook Actions:

..Issuer: Light Tower Rentals, Inc.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: PROWLER ACQUISITION CORP

Downgrades:

.... Probability of Default Rating, Downgraded to Caa1-PD from B3-PD

.... Corporate Family Rating, Downgraded to Caa1 from B3

....Senior Secured Bank Credit Facility, Downgraded to B3 (LGD 3) from B2 (LGD 3)

....Senior Secured Bank Credit Facility, Downgraded to Caa3 (LGD 6) from Caa2 (LGD 6)

Withdrawals:

.... Speculative Grade Liquidity Rating, Withdrawn , previously rated SGL-3

Outlook Actions:

..Issuer: PROWLER ACQUISITION CORP

....Outlook, Changed To Stable From Rating Under Review

..Issuer: UTEX Industries, Inc.

Downgrades:

.... Probability of Default Rating, Downgraded to Caa2-PD from B3-PD

.... Corporate Family Rating, Downgraded to Caa2 from B3

....Senior Secured Bank Credit Facility, Downgraded to Caa1 (LGD 3) from B2 (LGD 3)

....Senior Secured Bank Credit Facility, Downgraded to Caa3 (LGD 5) from Caa2 (LGD 5)

Outlook Actions:

..Issuer: UTEX Industries, Inc.

....Outlook, Changed To Stable From Rating Under Review

..Issuer: Compressco Partners, L.P.

Downgrades:

.... Probability of Default Rating, Downgraded to B2-PD from B1-PD

.... Corporate Family Rating, Downgraded to B2 from B1

....Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1 (LGD 5) from B2 (LGD 5)

Affirmations:

.... Speculative Grade Liquidity Rating, Affirmed SGL-3

Outlook Actions:

..Issuer: Compressco Partners, L.P.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Era Group Inc.

Downgrades:

.... Probability of Default Rating, Downgraded to B3-PD from B1-PD

.... Corporate Family Rating , Downgraded to B3 from B1

....Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1 (LGD 5) from B2 (LGD 5)

Lowered:

.... Speculative Grade Liquidity Rating, Lowered to SGL-3 from SGL-2

Outlook Actions:

..Issuer: Era Group Inc.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: PHI, Inc.

Confirmations:

.... Probability of Default Rating, Confirmed at B1-PD

.... Corporate Family Rating, Confirmed at B1

....Senior Unsecured Regular Bond/Debenture, Confirmed at B2 (LGD 4)

Assignments:

.... Speculative Grade Liquidity Rating, Assigned SGL-1

Outlook Actions:

..Issuer: PHI, Inc.

....Outlook, Changed To Stable From Rating Under Review

..Issuer: HGIM CORP.

Downgrades:

.... Probability of Default Rating, Downgraded to Caa3-PD from Caa1-PD

.... Corporate Family Rating, Downgraded to Caa2 from B3

....Senior Secured Bank Credit Facility, Downgraded to Caa2 ( LGD 3) from B3 (LGD 3)

Withdrawals:

.... Speculative Grade Liquidity Rating, Withdrawn , previously rated SGL-4

Outlook Actions:

..Issuer: HGIM CORP.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Hornbeck Offshore Services, Inc.

Downgrades:

.... Probability of Default Rating, Downgraded to Caa1-PD from B2-PD

.... Corporate Family Rating, Downgraded to Caa1 from B2

....Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1 (LGD 4) from B2 (LGD 4)

Lowered:

.... Speculative Grade Liquidity Rating, Lowered to SGL-3 from SGL-2

Outlook Actions:

..Issuer: Hornbeck Offshore Services, Inc.

....Outlook, Changed To Negative From Rating Under Review

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Sreedhar Kona
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Steven Wood
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's concludes reviews for 11 US oilfield services companies
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR  PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

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MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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