Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of BEP Ulterra Holdings, Inc.Global Credit Research - 19 Feb 2021New York, February 19, 2021 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of BEP Ulterra Holdings, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 17 February 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.BEP Ulterra Holdings, Inc.'s (Ulterra) B3 Corporate Family Rating (CFR) reflects its small-scale production and single product focus on Polycrystalline Diamond Compact (PDC) drill-bits and is backed by private equity. Ulterra's rating further reflects that with the slowdown in drilling activity, Ulterra is managing a lower level of demand for its products. To match the declining operating cash flows, the company has been reducing costs and capital spending. Ulterra benefits from a relatively high variable cost structure and has a track record of managing operations within cash flow through cyclical troughs. While Ulterra's leverage is expected to increase significantly and slowly recover in line with drilling activity, Moody's expects the company to generate free cash flow and maintain an adequate liquidity position.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Global Oilfield Services Industry Rating Methodology published in May 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Elena Nadtotchi Senior Vice President Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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