Ocean GreatWhite
Just like other offshore drilling stocks, shares of Diamond Offshore (DO) got absolutely crashed this year and are down nearly 80% year-to-date. As my loyal readers know, I've always noted that the company had one of the most comfortable balance sheet situations in the industry. Apparently, the company's balance sheet will now be put to test by a mix of coronavirus-related problems and the collapse of the OPEC deal.
Moody's has recently downgraded Diamond Offshore's corporate family rating from B2 to Caa1 and its senior unsecured notes from B3 to Caa2