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S&P puts Eurasia Drilling Company’s "BB+" ratings on watch with downgrade possibility

October 19, 2015, 20:11 UTC+3
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© ITAR-TASS/Stanislav Krasilnikov

MOSCOW, October 19. /TASS/. Standard & Poor's puts "BB+" long-term local and foreign currency ratings of the Russian oilfield services provider Eurasia Drilling Company (EDC) on watch with possible downgrade, the international rating agency said on Monday.

A foreign company is again interested in buying EDC after the transaction with Schlumberger failed, head of the Russia’s Federal Antimonopoly Service Igor Artemyev said earlier.

EDC recently announced its intention to delist from the London Stock Exchange via a buyback of its free floating shares for the purpose of further selling the consolidated package.

The buyback if realized "could significantly increase EDC's debt leverage and put pressure on liquidity," S&P said.

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