Greetings, and welcome to the Rowan Companies First Quarter 2014 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.
We are placing our fair value estimate under review until we transfer coverage of Rowan RDC to a new analyst and will publish a new analysis as soon as possible.
Widening investment-grade credit spreads and rising interest rates lead to losses.
Updates to Morningstar's Bonds to Avoid list include a handful of companies with significant downside risk for bondholders as well as removal of a name with an improved risk/reward profile.
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