Weatherford Announces S&P Credit Rating Upgrade To ‘BB-’ From 'B+', Positive Outlook

Rhea-AI Summary

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.

Positive

• 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

Negative

• None.

News Market Reaction

+2.06%

1 alert

+2.06% News Effect

On the day this news was published, WFRD gained 2.06%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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

FAQ

What is Weatherford's new credit rating from S&P Global Ratings?

S&P Global Ratings has upgraded Weatherford's issuer credit rating to 'BB-' from 'B+'.

Why did S&P upgrade Weatherford's (WFRD) credit rating?

S&P based the rating upgrade on multiple factors, including Weatherford's improved operating efficiency and debt repayment.

What improvements has Weatherford (WFRD) made over the past three years?

Weatherford has simplified its capital structure, enhanced liquidity, and implemented a comprehensive capital allocation framework.

How many countries does Weatherford (WFRD) operate in?

Weatherford conducts business in approximately 75 countries.