Commentary & Deal Flow

+++Corrects Fitch rating: existing sr sec rating is B (not B+)+++

Moody's/S&P/Fitch rate Borr IHC Limited/Borr Finance LLC (Borr Drilling Ltd) (BORR, BORRNO) US$165m (up from US$150m) 144A/Reg S add-on to its 10.375% sr sec 1st lien notes due 11/15/30 (5y). Via GS+. Moody's assigned a B3 (stable) rating. S&P rated the new sr sec notes add-on B+ (stable). S&P also downgraded the existing sr sec notes to B+ from BB-, and the L-T issuer credit rating to B from B+. Fitch has placed the existing B sr sec notes rating on Rating Watch Negative with a downgrade of one notch likely once the acquisition has been completed.