Weatherford Announces Upgrade in Credit Rating To 'B' From 'B-', Outlook Stable
Weatherford International (WFRD) announced a credit rating upgrade from 'B-' to 'B' by S&P Global Ratings.
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Rhea-AI Summary
Weatherford International (WFRD) announced a credit rating upgrade from 'B-' to 'B' by S&P Global Ratings. This upgrade is attributed to improved financial performance and liquidity, supported by a $400 million credit facility and successful debt repayment transactions. The company has enhanced its access to capital markets, reflecting a strong operational performance. CEO Girish K. Saligram emphasized that the rating acknowledges the company's focus on sustainable profitability and cash flow.
Positive
- Credit rating upgraded to 'B' from 'B-' by S&P Global Ratings.
- Improved financial performance and liquidity metrics.
- $400 million credit facility enhances capital access.
- Successful debt repayment transactions improve debt leverage profile.
Negative
- None.
Details
News Market Reaction – WFRD
The recorded move for WFRD in the trading session of this news was +0.65%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
HOUSTON, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced the Company’s issuer credit rating has recently been upgraded to 'B' from 'B-' by S&P Global Ratings (“S&P”). S&P based the rating upgrade in part due to improvements in financial performance and liquidity driven by stronger operational performance, the recently announced
Girish K. Saligram, President and Chief Executive Officer of Weatherford, commented, “We truly appreciate the recognition by S&P. The enhanced rating reflects the improvements we have made in our operating performance and balance sheet, resulting from our focus on generating sustainable profitability and cash flow.”
About Weatherford
Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company operates in approximately 75 countries with a global talent network of approximately 17,500 team members representing more than 110 nationalities and 350 operating locations.
Contact:
Mohammed Topiwala
Weatherford Investor Relations
+1 713-836-7777
investor.relations@weatherford.com
For Media:
Kelley Hughes
Weatherford Global Communications
+1 713-836-4193
media@weatherford.com
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