Welltec fires ratings bureau after downgrade

Offshore supplier Welltec has withdrawn from its relationship with credit rating bureau Moody's, who downgraded the company in March 2016. The termination is a cost reduction measure, says the CFO to ShippingWatch.

The collaboration between credit rating bureau Moody's and Danish offshore supplier Moody's is now history.

Welltec informs in a press release that the company has "with immediate effect decided to withdraw from and cancel services from Moody's." However, the company continues working with Moody's competitor, Standard & Poor's.

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