Moody's Investors Service ("Moody's") downgraded Valaris plc's (Valaris) Corporate Family Rating (CFR) to Caa1 from B3, Probability of Default Rating (PDR) to Caa1-PD from B3-PD, senior unsecured notes to Caa2 from Caa1, and Speculative Grade Liquidity Rating to SGL-3 from SGL-2. Moody's also downgraded the senior unsecured notes of Rowan Companies, Inc., which is wholly-owned by Valaris, to Caa2 from Caa1.

Valaris plc (NYSE: VAL) ("Valaris" or the "Company") today announced that, in connection with the Board's ongoing refreshment program, Frederick Arnold has been appointed to the Valaris Board of Directors, effective immediately.

Moody's Investors Service, ("Moody's") downgraded Valaris plc's (Valaris) Corporate Family Rating (CFR) to Caa3 from Caa1, Probability of Default Rating (PDR) to Caa3-PD from Caa1-PD, and senior unsecured notes to Ca from Caa2. The SGL-3 Speculative Grade Liquidity Rating was unchanged. "The downgrade reflects Valaris' unsustainable debt burden, large projected negative free cash flow generation that will further erode liquidity, and the high likelihood of a distressed exchange or debt restructuring given the low trading prices of its debt, tightening liquidity, and ongoing pressures from its largest shareholder to optimize the capital structure," said Sajjad Alam, Moody's Senior Analyst.