Weatherford Announces S&P Credit Rating Upgrade To ‘BB-’ From 'B+', Positive Outlook
Weatherford International plc (NASDAQ: WFRD) announced that S&P Global Ratings has upgraded the company's issuer credit rating to 'BB-' from 'B+' with a positive outlook. The upgrade is based on Weatherford's improved operating efficiency and debt repayment. CEO Girish Saligram highlighted the company's progress in enhancing its financial and operational framework over the past three years, including simplifying the capital structure, improving liquidity, and implementing a comprehensive capital allocation framework.
Weatherford, a global energy services company, operates in about 75 countries with 19,000 team members across 330 locations. The company focuses on delivering innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment.
Weatherford International plc (NASDAQ: WFRD) ha annunciato che S&P Global Ratings ha aggiornato il rating creditizio dell'emittente a 'BB-' da 'B+' con un outlook positivo. Questo aggiornamento si basa sul miglioramento dell'efficienza operativa e sul rimborso del debito da parte di Weatherford. Il CEO Girish Saligram ha evidenziato i progressi dell'azienda nel rafforzare il proprio framework finanziario e operativo negli ultimi tre anni, compresa la semplificazione della struttura del capitale, il miglioramento della liquidità e l'implementazione di un quadro di allocazione del capitale completo.
Weatherford, un'azienda globale di servizi energetici, opera in circa 75 paesi con 19.000 membri del team distribuiti in 330 sedi. L'azienda si concentra sulla fornitura di servizi energetici innovativi che integrano tecnologie consolidate con una digitalizzazione avanzata per creare offerte sostenibili massimizzando il valore e il ritorno sull'investimento.
Weatherford International plc (NASDAQ: WFRD) anunció que S&P Global Ratings ha mejorado la calificación crediticia del emisor de la empresa a 'BB-' desde 'B+' con una perspectiva positiva. Esta mejora se basa en la mayor eficiencia operativa y el pago de la deuda de Weatherford. El CEO Girish Saligram destacó el progreso de la compañía en mejorar su estructura financiera y operativa en los últimos tres años, incluyendo la simplificación de la estructura de capital, la mejora de la liquidez y la implementación de un marco integral de asignación de capital.
Weatherford, una empresa global de servicios energéticos, opera en alrededor de 75 países con 19.000 miembros del equipo en 330 ubicaciones. La empresa se enfoca en entregar servicios energéticos innovadores que integran tecnologías probadas con digitalización avanzada para crear ofertas sostenibles maximizar el valor y el retorno de la inversión.
Weatherford International plc (NASDAQ: WFRD)는 S&P Global Ratings가 회사의 발행자 신용 등급을 'BB-'로 상향 조정했다고 발표했습니다. 이는 'B+'에서 긍정적인 전망으로 변경된 것입니다. 이번 상향 조정은 Weatherford의 운영 효율성 향상과 부채 상환을 기반으로 합니다. CEO Girish Saligram은 지난 3년 동안 재무 및 운영 구조 개선에서의 회사의 발전을 강조하며, 자본 구조 단순화, 유동성 개선, 포괄적인 자본 할당 프레임워크 구현 등을 포함했습니다.
Weatherford는 약 75개국에서 19,000명의 팀원과 함께 330개 지역에서 운영되는 글로벌 에너지 서비스 회사입니다. 이 회사는 입증된 기술과 고급 디지털화를 통합하여 최대 가치를 창출하고 투자 수익을 극대화하는 지속 가능한 서비스를 제공하는 데 중점을 두고 있습니다.
Weatherford International plc (NASDAQ: WFRD) a annoncé que S&P Global Ratings a amélioré la note de crédit de l'émetteur de l'entreprise à 'BB-' depuis 'B+' avec une perspective positive. Cette amélioration est basée sur l'efficacité opérationnelle accrue et le remboursement de la dette par Weatherford. Le PDG Girish Saligram a souligné les progrès de l'entreprise dans l'amélioration de son cadre financier et opérationnel au cours des trois dernières années, notamment en simplifiant la structure du capital, en améliorant la liquidité et en mettant en œuvre un cadre d'allocation de capital complet.
Weatherford, une entreprise mondiale de services énergétiques, opère dans environ 75 pays avec 19 000 membres d'équipe répartis sur 330 sites. L'entreprise se concentre sur la fourniture de services énergétiques innovants qui intègrent des technologies éprouvées avec une numérisation avancée pour créer des offres durables maximisant la valeur et le retour sur investissement.
Weatherford International plc (NASDAQ: WFRD) hat bekannt gegeben, dass S&P Global Ratings die Kreditwürdigkeit des Unternehmens auf 'BB-' von 'B+' mit einem positiven Ausblick erhöht hat. Dieses Upgrade basiert auf verbesserter Betriebseffizienz und Schuldenrückzahlung von Weatherford. CEO Girish Saligram hob den Fortschritt des Unternehmens bei der Verbesserung seiner finanziellen und operationellen Struktur in den letzten drei Jahren hervor, einschließlich der Vereinfachung der Kapitalstruktur, der Verbesserung der Liquidität und der Umsetzung eines umfassenden Kapitalzuweisungsrahmens.
Weatherford, ein globaler Dienstleister für Energiedienstleistungen, operiert in etwa 75 Ländern mit 19.000 Teammitgliedern an 330 Standorten. Das Unternehmen konzentriert sich darauf, innovative Energiedienstleistungen zu erbringen, die bewährte Technologien mit fortschrittlicher Digitalisierung integrieren, um nachhaltige Angebote für einen maximalen Wert und eine hohe Kapitalrendite zu schaffen.
- S&P Global Ratings upgraded Weatherford's credit rating to 'BB-' from 'B+'
- Positive outlook assigned by S&P Global Ratings
- Improved operating efficiency noted by S&P
- Progress in debt repayment recognized
- Enhanced financial and operational framework over the past three years
- Simplified capital structure and improved liquidity
- None.
Insights
The credit rating upgrade from S&P is a significant positive indicator for Weatherford's financial health. Moving from 'B+' to 'BB-' reflects substantial improvement in creditworthiness, potentially leading to lower borrowing costs and improved access to capital markets. This upgrade, coupled with the positive outlook, suggests S&P's confidence in Weatherford's continued financial stability.
The company's focus on debt repayment and improved operating efficiency are key factors driving this upgrade. For investors, this translates to reduced financial risk and a more robust balance sheet. The simplified capital structure and enhanced liquidity mentioned by the CEO are important for long-term sustainability, especially in the cyclical energy services sector.
However, investors should note that while the upgrade is positive, Weatherford's rating remains in the speculative grade category, indicating some ongoing credit risk. The company's ability to maintain its positive trajectory in profitability and cash flow generation will be critical for further rating improvements and long-term investor confidence.
Weatherford's credit rating upgrade comes at a pivotal time for the energy services sector. The industry is navigating a complex landscape of energy transition pressures and volatile commodity prices. Weatherford's improved financial position, as recognized by S&P, could provide a competitive edge in securing contracts and investments in this challenging environment.
The company's focus on innovative energy services and advanced digitalization aligns well with industry trends towards efficiency and sustainability. This strategic direction, coupled with improved financials, positions Weatherford favorably against peers who may be struggling with legacy debt or slower technological adoption.
Investors should consider the broader implications of Weatherford's global presence in 75 countries and diverse workforce. This extensive network can provide resilience against regional market fluctuations but also exposes the company to geopolitical risks. The ability to leverage this global footprint while managing associated risks will be important for sustaining the positive momentum reflected in the credit upgrade.
HOUSTON, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced the Company’s issuer credit rating has recently been upgraded to ‘BB-’ from 'B+' by S&P Global Ratings (“S&P”). S&P based the rating upgrade on multiple factors, including improved operating efficiency and debt repayment.
Girish Saligram, President and Chief Executive Officer of Weatherford, commented, “The latest S&P credit rating upgrade reflects the significant advancements Weatherford has made to enhance our financial and operational framework. Over the past three years, we have simplified our capital structure, enhanced our liquidity, and implemented a comprehensive capital allocation framework. As we look to the future, we remain focused on driving consistent profitability and robust 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 conducts business in approximately 75 countries and has approximately 19,000 team members representing more than 110 nationalities and 330 operating locations. Visit weatherford.com for more information and connect with us on social media.
For Investors:
Luke Lemoine
Investor Relations
Investor.Relations@weatherford.com
For Media:
Kelley Hughes
Corporate Communications
Media@weatherford.com
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