Standard & Poor’s (S&P) raised the rating for NOV to ‘A‘ from ‘A-’ with a stable outlook. S&P stated that the upgrade is due to the strong financial performance of NOV and they expect that financial measures will stay strong through weak points in the business cycle.

It was noted by S&P that NOV’s acquisitions has broadened its offerings and strengthened its position in the business segment. S&P expects that NOV’s competitive position will allow it to successfully compete with its peers.

Moody's Investors Service upgraded its rating for NOV to A2 from A3, and the positive outlook is stable.Moody's noted that the rating reflects NOV's leading market positions in most of the key equipment categories used by oilfield services and drilling companies.

Moody's also stated that the rating was dependent upon NOV's conservative financial policies, which allow the company to provide financial strength through downturns and allows them to pursue valuable acquisitions. It was indicated by Moody's that acquisitions will strengthen the company's existing market positions, expand its product and service lines, and enhance its geographic diversification.

"The upgrade of NOV to A2 reflects its strong market position, growing order backlog and low financial leverage," said Pete Speer, Moody's Vice President. "The company has also been successful in using its rising cash flows to fund strategic acquisitions that have added complementary products and services."

National Oilwell Varco is a leading provider of oilfield products and services to the worldwide oil and gas industry since 1841. The company’s headquarters are in Houston, Texas, USA and it has more than 100 subsidiaries with 1,000 sites around the world, employing over 50,000 people.