While it was a quiet week for bank debt upgrades among issuers in the speculative grade market, investment grade-rated Transocean saw its bank debt boosted on January 13 to A- from BBB+ by Fitch Ratings. The Houston-based offshore drilling company's bank debt includes a $500 million unsecured revolver.
"The rating action reflects the significant improvement the company has made in paying down debt, the successful divestment of TODCO, the success of the company in capitalizing on current market conditions and the resulting visibility the company's contracts provide in future free cash flow," Fitch said.
As for the downgrades, Cooper-Standard Automotive became …
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