On December 9, 2020, S&P Global Ratings lowered its issue-level ratings on Nabors Industries Ltd.'s 5.5% senior notes due 2023, 5.1% senior notes due 2023, 5.75% senior notes due 2025, 7.25% senior guaranteed notes due 2026 and 7.5% senior guaranteed notes due 2028 to D from CC, following completion of a below-par debt exchange that the ratings agency views as distressed. Nabors completed the exchange of $380.2 million aggregate principal amount, or approximately 27.6% of the $1.38 billion of notes subject to the exchange offer, for approximately $175.7 million aggregate principal amount of new 9% senior priority guaranteed notes.

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