Oceaneering International Shares Plummet After Moody's Downgrades Its Debt
Shares of oil services company Oceaneering International (NYSE: OII) fell 15.3% Tuesday, even as many other oil and gas industry companies moved a bit higher, after major credit-rating agency Moody's downgraded its debt rating.
On Monday, Moody's dropped Oceaneerings' Corporate Family Rating by two notches from Ba2 to B1. While Ba2 is already within the sub-prime debt category -- a gentler way of saying junk bond status -- a B1 rating indicates substantial risk. What's more, this is for all of Oceaneering's $1.3 billion in unsecured debt, not just a single note.
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Source Fool.com