Weatherford Announces Upgrade in Credit Rating To 'B' From 'B-', Outlook Stable

Rhea-AI Summary

Weatherford International (WFRD) announced a credit rating upgrade from 'B-' to 'B' by S&P Global Ratings. This upgrade is attributed to improved financial performance and liquidity, supported by a $400 million credit facility and successful debt repayment transactions. The company has enhanced its access to capital markets, reflecting a strong operational performance. CEO Girish K. Saligram emphasized that the rating acknowledges the company's focus on sustainable profitability and cash flow.

Positive

• Credit rating upgraded to 'B' from 'B-' by S&P Global Ratings.
• Improved financial performance and liquidity metrics.
• $400 million credit facility enhances capital access.
• Successful debt repayment transactions improve debt leverage profile.

Negative

• None.

HOUSTON, Dec. 07, 2022 (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 improvements in financial performance and liquidity driven by stronger operational performance, the recently announced $400 million credit facility and the series of debt repayment transactions that improved liquidity and debt leverage profile demonstrating the Company’s improved access to capital markets, as well as expected continued improvement in market conditions and the Company’s financial measures.

Girish K. Saligram, President and Chief Executive Officer of Weatherford, commented, “We truly appreciate the recognition by S&P. The enhanced rating reflects the improvements we have made in our operating performance and balance sheet, resulting from our focus on generating sustainable profitability and 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 operates in approximately 75 countries with a global talent network of approximately 17,500 team members representing more than 110 nationalities and 350 operating locations.

Contact:
Mohammed Topiwala
Weatherford Investor Relations
+1 713-836-7777
investor.relations@weatherford.com

For Media:
Kelley Hughes
Weatherford Global Communications
+1 713-836-4193
media@weatherford.com

FAQ

What credit rating did Weatherford International receive from S&P?

Weatherford International received a credit rating upgrade to 'B' from 'B-' by S&P Global Ratings.

Why was Weatherford's credit rating upgraded?

The credit rating was upgraded due to improved financial performance, liquidity, and the establishment of a $400 million credit facility.

How much is the new credit facility that Weatherford announced?

Weatherford announced a new credit facility worth $400 million.

Who commented on the credit rating upgrade for Weatherford?

Girish K. Saligram, the President and CEO of Weatherford, commented on the credit rating upgrade.