[ET Net News Agency, 26 November 2019] Moody's Investors Service has upgraded China
Oilfield Services Limited's (COSL)(02883) issuer rating to A3 from Baa1. At the same time,
Moody's has also upgraded the following ratings:
(1) the provisional rating on the euro medium-term note (EMTN) program of COSL Singapore
Capital Ltd., which is guaranteed by COSL, to (P)A3 from (P)Baa1, and the senior unsecured
debt ratings on the two notes issued under the EMTN program to A3 from Baa1; and
(2) the senior unsecured debt rating on the bonds issued by COSL Finance (BVI) Limited
and guaranteed by COSL to A3 from Baa1.
The outlook on all of the above ratings is stable.
The upgrade of COSL's ratings reflects Moody's expectation that the company's
performance will continue to improve, and that leverage -- as measured by adjusted
debt/EBITDA -- will remain around 3.5x-4.0x over the next 12-18 months, a level
appropriate for its A3 rating. (KL)
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02883 CHINA OILFIELD
Nominal 
9.290 0.000 (0.000%) Research Report
26/11/2019 17:41
Moody's upgrades COSL's ratings to A3; outlook stable
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