Moody's Upgrades Hercules Offshore on Improved Outlook From Offshore Drilling, Shares Up 0.7%
Hercules Offshore ( HERO ) is up 0.7% to $7.32 after Moody's Investors Service upgraded its Corporate Family Rating to B2 from B3 on the improved outlook for activity in the shallow waters off the Gulf of Mexico and other offshore markets.
The Probability of Default Rating was increased B2-PD from B3-PD. The ratings outlook is stable.
"These improving market conditions provide visibility towards improved cash flow generation and a lower leverage profile over the next 18-24 months, " Moody's vice president and senior analyst Michael Somogyi said in a statement.
The shares are trading near the top of a 52-week range of $2.91 - $7.62.