Boart Longyear rating downgraded

Ratings agency S&P revises debt ratings downwards, now at parity with Moody's.

Ratings agency Standard and Poor's has downwardly revised drilling services provider Boart Longyear's (BLY) debt ratings as demand for drilling equipment from resources companies falls.

S&P cut Boart's corporate credit rating to CCC with a negative outlook, from CCC . 

The agency downgraded Boart's secured note rating to B- from B and cut its unsecured note rating to CCC from CCC . 

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