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Bulletin: Compagnie Generale de Geophysique ? Veritas Rating Unchanged On Proposed Refinancing Jul 10
Standard & Poors, July 2010
Abstract
STOCKHOLM (Standard & Poor's) July 1, 2010--Standard & Poor's Ratings Services said today that its ratings on Compagnie Generale de Geophysique - Veritas (CGGV, BB-/Stable/--) remain unchanged following a proposal to extend the group's debt maturity profile and amend the terms of covenants in its bond documentation. The recovery ratings of '2' and 'BB' issue ratings on the group's senior secured bank debt also remain unchanged. We take a positive view of an announcement by CGGV that it intends to extend the maturity of a $300 million portion of a $518 term loan from January 2014 to January 2016, subject to early refinancing of a high-yield bond currently due in May 2015. Simultaneously, the company is seeking to increase its...
Companies mentioned in this report are: Compagnie Generale de Geophysique - Veritas
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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