News: S&P downgrades Boart Longyear credit rating

.

Boart Longyear Limited (ASX:BLY) has had its corporate debt rating downgraded and its outlook revised from stable to negative.

 

Standard and Poor’s downgraded the company’s credit rating from B+ to B, however Boart Longyear did not provide a reason for the downgrade.

 

The news comes after Moody’s Investors Service downgraded its corporate rating earlier this month.

At the time, Boart Longyear said the Moody’s review came as a result of the financing structures the company is evaluating to provide greater liquidity and flexibility, as previously announced in August.

 

Boart Longyear booked a net loss of $355 million in the first half of fiscal 2013.