Weatherford Announces Upgrade in Credit Rating To 'B+' From 'B', Outlook Positive
November 06 2023 - 3:55PM
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 TopiwalaVice President,
Investor Relations and
M&Ainvestor.relations@weatherford.com
For Media:Kelley HughesSr. Director, Corporate
Communications and Employee Engagement media@weatherford.com
Weatherford (NASDAQ:WFRD)
Historical Stock Chart
From Apr 2024 to May 2024
Weatherford (NASDAQ:WFRD)
Historical Stock Chart
From May 2023 to May 2024