CHICAGO--(BUSINESS WIRE)--Fitch Ratings has downgraded Offshore Drilling Holding, S.A.'s (ODH) foreign and local currency Issuer Default Ratings (IDRs) to 'B+' from 'BB-' and placed the ratings on Negative Rating Watch. Fitch has also downgraded the company's USD950 million of senior secured notes due 2020 to 'BB-'from 'BB'. Fitch is assigning an 'RR3' Recovery Rating to the international notes. The 'RR3' for the outstanding company's senior secured notes reflects a good expected recovery given