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BULLETIN: Compagnie G?n?rale de G?ophysique Announces 7.5% Stake in Competitor PGS Sep 02
Standard & Poors, Sep 2002
Abstract
Standard & Poor's Ratings Services said today that the ratings and outlook on France-based Compagnie G-n-rale de G-ophysique S.A. (CGG; BB/Stable/--) remain unchanged after CGG's announcement that it has accumulated 7.5% of the outstanding shares of Petroleum Geo-Services ASA (PGS; BB-/Negative/--), its Norwegian competitor in seismic products and services, in open market purchases. The amount at stake being relatively small, Standard & Poor's considers that the purchase in itself has no significant impact on CGG's current financial profile. Nevertheless, it is also Standard & Poor's view that further moves toward acquisition, merger, or integration of PGS into CGG may place CGG's current rating under pressure, in light of PGS's weak capital structure and current liquidity problems....
Companies mentioned in this report are: Compagnie Generale de Geophysique - Veritas,Petroleum Geo-Services ASA
Action: S&P Event
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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