...May 17, 2019 MELBOURNE (S&P Global Ratings) May 17, 2019--S&P Global Ratings today said that Ausdrill Ltd.'s (ASL; ##/Stable/--) postponement of its proposed refinancing has no credit impact because, in our view, the company does not face immediate liquidity or refinancing risks. Ausdrill has postponed the proposed issuance of US$500 million senior unsecured notes due to a weakening in debt market conditions for high-yield issuers. The company intended to refinance subsidiary Barminco Finance Pty Ltd.'s '##' rated, senior secured US$350 million notes maturing in 2022. As a result, Barminco's bonds will remain under the group's capital structure, and secured against the assets of Barminco's security package. Ausdrill has extended its '###-' rated, senior secured A$300 million bilateral bank facilities to fiscal 2024, which provide additional liquidity of up to A$100 million for the group (A$200 million drawn). We view Barminco Holdings Pty Ltd. as a core subsidiary of Ausdrill. Ausdrill...
