The journalist Andy Rowell wrote a blog last night asking “BP will survive, but what about the others?” He was specifically talking about the rest of the oil industry in north America, but the immediate fallout could yet cause further damage to the other two companies directly involved in the gulf oil spill: Halliburton and Transocean.
Transocean received a reminder that the pain has not yet eneded last month when Moody’s downgraded its credit rating from Baa2 to Baa3. Last night Kenneth Austin from Moody’s explained the ratings agency’s thinking.
“Regardless of the responsibility that Transocean will bear for the Macondo blowout, we do not believe that its risk profile reflects a Baa2 ratings.”
