On October 30, 2020, S&P Global Ratings lowered its issuer credit rating on Nabors Industries, Ltd. to SD from CCC+, its 0.75% exchangeable notes due 2024 rating to D, its notes rating involved in the tender offers to CC and affirmed its 4.625% notes maturing in 2021 at CCC-. The downgrade follows Nabors' completion of a private exchange, whereby it exchanged $115 million of the principal amount of its 0.75% exchangeable bonds due 2024 for $50.485 million of new senior priority guaranteed notes due 2025. The ratings agency views the transaction as a distressed exchange and tantamount to a default since the higher interest rate and additional guarantees are insufficient compensation to offset the extended maturity and significant discount to par.

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