- Language: English
- 118 Pages
- Published: August 2011
- Region: Europe
Recovery Report: Superior Energy Services Inc.'s Recovery Rating Profile
- Published: November 2010
- Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
We are updating our recovery report on Superior Energy Services Inc. as part of our ongoing surveillance. This update reflects the recent increase in the company's revolving credit facility (not rated) to $400 million (from $325 million). In valuing the company, we have reduced our EBITDA multiple to 6.0x from 6.5x, in line with our valuation on peers. Our issue-level rating on subsidiary SESI LLC's (BB+/Stable/--) unsecured debt of 'BB+' (the same as the corporate credit rating on both entities) and the recovery rating of '4' is unchanged. Superior is a provider of oilfield services and equipment focused on tool rentals and well-intervention services. The company also has a fleet of liftboats for offshore services. Indebtedness under the credit facility...
Companies mentioned in this report are: Superior Energy Services Inc.,SESI LLC
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Superior Energy Services Inc.,SESI LLC
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