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.

The group swung to a full-year loss when announcing results last month, posting a net loss of $US620 million in 2013, compared with a $US68 million profit in 2012.

The result was affected by $US491 million in restructuring charges and asset impairments and the group declined to offer guidance due to market uncertainty.

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