S&P downgrades Boart

Ratings agency Standard & Poor's has downgraded Boart Longyear's (BLY) corporate debt ratings from B to B and revised its outlook from stable to negative.

In a statement to the Australian Securities Exchange, the drilling services provider declined to give reasons for the downgrade, but the news follows another revision two months ago on expectations operating conditions would remain difficult.

In July, S&P downgraded the group to B with a stable outlook from BB-, saying although liquidity should stay adequate, major mining companies had reduced their exploration drilling budgets.