S&P downgrades Boart Longyear debt

Agency tips difficult conditions as major miners reduce exploration budgets.

Standard and Poor's has downgraded drilling provider Boart Longyear Ltd's corporate debt ratings on expectations that operating conditions will remain difficult in the next 12 months due to major mining companies' reduced exploration drilling budgets.

In a statement to the Australian Securities Exchange, Boart said its corporate family rating and senior unsecured note rating had been downgraded from BB- to B with a stable outlook.

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