Moody’s rates Shelf Drilling Midco’s term loan B2, changes outlook to positive

23 September 2013

New York, September 23, 2013 — Moody’s Investors Service (Moody’s) assigned a B2 rating to Shelf Drilling Midco, Ltd.’s (Midco) proposed offering of $450 million secured term loan. Simultaneously, Moody’s assigned a B1 Corporate Family Rating (CFR), a B1-PD Probability of Default Rating (PDR) and an SGL-2 Speculative Grade Liquidity Rating to Midco, and withdrew the CFR and PDR of Shelf Drilling Holdings, Ltd. (Holdings). Moody’s also affirmed the B1 senior secured second-lien notes rating and the Ba1 senior secured first-lien term loan rating of Holdings. The outlook was changed to positive from stable.