Simmons Remains Sidelined on Weatherford (WFT) - PT to $7.20
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Fitch Downgrades Weatherford International plc to 'B+'; Outlook Negative
May 10, 2016 11:22 AM EDTCHICAGO--(BUSINESS WIRE)-- Fitch Ratings has downgraded Weatherford International plc (Weatherford; NYSE: WFT) and its subsidiaries Long-Term Issuer Default Ratings (IDR) and senior unsecured ratings to 'B+' from 'BB'. Fitch has also assigned the secured term loan a rating of 'BB+/RR1', affirmed the amended unsecured bank facility rating at 'BB' and revised its Recovery Rating to 'RR2' from 'RR4'. The Rating Outlook remains Negative.
The downgrade reflects the lower than previously expected E&P capital spending in 2016 and Fitch's lower and longer services recovery profile assumption. This is forecast to... More
