Standard & Poor’s (S&P) downgraded its credit rating of George Economou-led Ocean Rig and warned that the results of DryShips’ restructuring talks could lead to further downgrades.

The US credit ratings agency chopped Ocean Rig’s long-term corporate rating to “CCC+” from “B-“ and downgraded a series of term loans and corporate notes as the company’s faces a deteriorating risk profile following a string of drillship cancellations.

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