KCA Deutag Alpha Ltd -- Moody's assigns (P)B3 ratings to KCA Deutag's new senior secured notes; outlook revised to stable

London, 01 May 2013 -- Moody's Investors Service has today assigned provisional (P)B3 ratings to the issuance of USD500 million senior secured notes, due 2018, by Globe Luxembourg SCA ("the Issuer"). The Issuer is a stand-alone special purpose vehicle whose principal purpose is to issue the notes and to fund facility D1 loans, which will become part of KCA Deutag Alpha Limited's ("KCA Deutag") existing senior credit facilities. It is not part of the KCA Deutag group. Moody's has concurrently withdrawn the (P)B3 ratings on the proposed issuance of USD860 million senior secured notes, due 2020, by KCA Deutag Finance plc and the USD400 million term loan B, due 2019, at KCA Deutag Finance S.a.r.l.. Both entities are subsidiaries of KCA Deutag Alpha Limited ("KCA Deutag"). Moody's also downgraded the group's probability of default rating (PDR) to Caa1-PD, one notch below the affirmed B3 corporate family rating (CFR). The outlook on all ratings is revised to stable.

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