Weatherford Announces Upgrade in Credit Rating To 'B+' From 'B', Outlook Positive

Rhea-AI Summary

Weatherford International plc (NASDAQ: WFRD) announced that its issuer credit rating has been upgraded to 'B+' from 'B' by S&P Global Ratings. The upgrade is based on the company's continued debt repayment, improved profitability, and demand conditions. The positive outlook reflects the expectation of further improvements in credit metrics and debt repayment. Girish Saligram, President and CEO of Weatherford, expressed satisfaction with the rating upgrade, stating that it reinforces the company's improvements in operating performance and balance sheet.

HOUSTON, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced the Company’s issuer credit rating has recently been upgraded to 'B+' from 'B' by S&P Global Ratings (“S&P”). S&P based the rating upgrade in part due to the continued debt repayment as cash flows benefited from improved profitability and demand conditions. The positive outlook reflects expectation that the Company's credit metrics will continue to improve amid supportive market conditions and further debt repayment.

Girish Saligram, President and Chief Executive Officer of Weatherford, commented, “We are pleased with the S&P rating upgrade. Our recent rating agency announcements further reinforce the tangible improvements we have made in our operating performance and balance sheet.”

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 operates in approximately 75 countries and has approximately 18,000 team members representing more than 110 nationalities and 335 operating locations. Visit weatherford.com for more information and connect with us on social media.

Contact:
Mohammed Topiwala
Vice President, Investor Relations and M&A
investor.relations@weatherford.com

For Media:
Kelley Hughes
Sr. Director, Corporate Communications and Employee Engagement
media@weatherford.com

FAQ

What is the ticker symbol of Weatherford International?

The ticker symbol of Weatherford International is WFRD.

What is the recent issuer credit rating upgrade of Weatherford International?

Weatherford International's issuer credit rating has been upgraded to 'B+' from 'B' by S&P Global Ratings.

What factors contributed to the rating upgrade?

The rating upgrade was based on Weatherford's continued debt repayment, improved profitability, and demand conditions.

What does the positive outlook reflect?

The positive outlook reflects the expectation of further improvements in Weatherford's credit metrics and debt repayment.

Who is the President and CEO of Weatherford?

Girish Saligram is the President and CEO of Weatherford.