Seadrill Operating LP -- Moody's downgrades Seadrill Partners to Caa2; negative outlook

London, 29 February 2016 -- Moody's Investors Service, ("Moody's") today downgraded Seadrill Partners LLC's (SDLP) corporate family rating (CFR) to Caa2 from B2, probability of default rating (PDR) to Caa2-PD from B2-PD, the rating on the $2.9 billion senior secured term loan due 2021, borrowed by Seadrill Operating LP and Seadrill Partners Finco LLC, subsidiaries of SDLP, to Caa2 from B2 and the rating on the $100 million first out secured revolving credit facility (RCF) due 2019, borrowed by Seadrill Operating LP, Seadrill Partners Finco LLC, and Seadrill Capricorn Holdings LLC, also a subsidiary of SDLP to B1 from Ba2. The outlook on all ratings is negative. This concludes the rating review that was initiated on 22 January 2016.

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