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

Rhea-AI Summary

Weatherford International plc (NASDAQ: WFRD) announced a credit rating upgrade from 'CCC+' to 'B-' by S&P Global Ratings on December 13, 2021. This upgrade reflects improved access to capital markets and the successful completion of refinancing and debt repayment transactions, which have extended the debt maturity profile. CEO Girish K. Saligram emphasized that this rating acknowledges the company's enhanced operating performance and focus on sustainable profitability.

Positive

• Upgraded credit rating to 'B-' from 'CCC+' by S&P Global Ratings.
• Improved access to capital markets indicated by successful refinancing and debt repayment.
• Extended debt maturity profile enhances financial stability.

Negative

• None.

HOUSTON, Dec. 13, 2021 /PRNewswire/ -- Weatherford International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") today announced the Company's issuer credit rating has recently been upgraded to 'B-' from 'CCC+' by S&P Global Ratings ("S&P"). S&P based the rating upgrade in part on the results of the recently completed series of refinancing and debt repayment transactions that both lengthened the debt maturity profile and demonstrated 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 appreciate the recognition by S&P and believe the improved rating reflects our improving operating performance and balance sheet, resulting from our focus on generating sustainable profitability and cash flow."

About Weatherford
Weatherford is a leading global energy services company. Operating in approximately 75 countries, the Company answers the challenges of the energy industry with its global talent network of approximately 17,000 team members and approximately 350 operating locations, including manufacturing, research and development, service, and training facilities.

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
kelley.hughes@weatherford.com

 

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SOURCE Weatherford International plc

FAQ

What is Weatherford's new credit rating as of December 2021?

Weatherford's credit rating has been upgraded to 'B-' from 'CCC+'.

Why did Weatherford receive a credit rating upgrade?

The upgrade was due to improved access to capital markets and successful refinancing and debt repayment transactions.

Who is the CEO of Weatherford?

Girish K. Saligram is the President and CEO of Weatherford.

What does the new credit rating indicate about Weatherford's financial condition?

The new rating indicates improved operating performance and financial stability.

What is the significance of the upgraded rating for Weatherford investors?

The upgraded rating suggests enhanced financial strength, potentially leading to better investment confidence.