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Nabors Industries Comments on Credit Rating Upgrades

Nabors Industries Ltd. (NYSE: NBR) has recently made headlines following the announcements of credit rating upgrades from three major credit rating agencies. This development comes in the wake of Nabors' offering of Senior Preferred Guaranteed Notes (SPGN) due in 2032, signaling a positive shift in the company’s financial robustness.

The upgrades from the agencies are as follows:

• - SP Global Ratings has elevated Nabors' issuer credit rating from 'B-' to 'B', and its outlook is now stable. They have also assigned a ‘B+’ rating to the newly issued SPGN and improved the rating for existing Senior Preferred Guaranteed Notes to 'B+' from 'B-', alongside an upward adjustment for Nabors' Senior Guaranteed Notes from 'CCC' to 'CCC+'.

• - Fitch Ratings has also upgraded Nabors Industries, raising the Long-Term Issuer Default Rating from 'B-' to 'B', maintaining a stable outlook. Their assessment saw the recently issued SPGN rated at 'BB-', a downgrade from the previously assigned 'B+', while existing SPGN and PGN ratings improved from 'B+' and 'CCC' to 'B-' and 'CCC+', respectively.

• - Moody's Investors Service rated the new issuance of SPGN at 'Ba3', consistent with the existing ratings on Nabors’ SPGN.

The Chairman, CEO, and President of Nabors, Anthony G. Petrello, expressed pride in the company's progress. "Nabors has made dramatic progress this year to delever and strengthen our balance sheet. The response of these respected agencies underscores the tangible results of our actions and our accomplishments to reduce debt and enhance our capital structure," he stated. This sentiment exceptionally underlines the significant efforts Nabors has taken towards financial rehabilitation and strategic debt management.

About Nabors Industries

Nabors Industries is recognized as a leader in providing cutting-edge technology to the energy sector. With operations spanning over 20 countries, the company has built a vast global network combining expertise, technology, and equipment designed to foster safe, efficient, and responsible energy production. Their commitment to innovation allows Nabors to contribute actively to the energy transition, emphasizing lower-carbon energy solutions and sustainable practices.

In leveraging strengths in drilling, engineering, automation, data science, and manufacturing, Nabors positions itself at the forefront of technological advancements crucial for future energy demands. The company's proactive approach signals a robust response to industry challenges while continuing to highlight its dedication to operational excellence. Want to learn more? Visit Nabors Industries for further insights into their solutions and technological leadership in energy production.