2008-07-16 11:00:00
HOUSTON–(EMWNews)–McDermott International, Inc. (NYSE:MDR) (“McDermott”
or the “Company”)
announced today that both of the major corporate credit rating services,
Standard & Poor’s Ratings Services (“S&P”)
and Moody’s Investors Service (“Moody’s”),
have upgraded their respective ratings of McDermott and its rated
subsidiaries.
Included among the recent ratings activity, McDermott’s
corporate credit rating at S&P was raised to BB+ from BB, with a
positive outlook, and the Company’s corporate
family rating at Moody’s was raised to Ba2
from Ba3, also with a positive outlook.
“These credit rating upgrades are further
external recognition of our strong operating performance, record
backlog, and conservative balance sheet,”
said Michael S. Taff, Senior Vice President and Chief Financial Officer.
McDermott is an engineering and construction company, with specialty
manufacturing and service capabilities, focused on energy
infrastructure. McDermott’s customers are
predominantly utilities and other power generators, major and national
oil companies, and the United States Government. With its global
operations, McDermott operates in over 20 countries with more than
25,000 employees, and can be found on the internet at www.mcdermott.com.
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McDermott International, Inc. Communications |
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