Boart Longyear's ratings downgraded

Ratings agency Standard and Poor's cuts drilling services provider's credit rating.

Boart Longyear's (BLY) credit rating has been downgraded by ratings agency Standard and Poor's.

The drilling services provider's corporate credit rating has been downgraded to CCC , from B.

Its secured note rating was downgraded to B, from BB-.

The group's senior unsecured note rating was cut to CCC , from B.

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