London, 26 November 2015 -- Moody's Investors Service has today downgraded Floatel International Ltd's ("Floatel" or "the company") corporate family rating (CFR) to Caa1 from B2 and probability of default rating (PDR) to Caa1-PD from B2-PD. Concurrently, Moody's has downgraded the rating on the company's $650 million senior secured term loan B due 2020 borrowed by Floatel to Caa1 from B2. The outlook on all ratings is negative.

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