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Research Update: CGG-Veritas Upgraded To 'BB' On Strong Performance, Anticipated Debt Reduction; Outlook Stable Dec 07
Standard & Poors, December 2007
On Dec. 13, 2007, Standard & Poor's Rating Services raised its corporate credit ratings to 'BB' from 'BB-' on global oil and gas seismic company Compagnie G-n-rale de Geophysique - Veritas (CGG-Veritas). The outlook is stable. At the same time, the ratings on the unsecured high yield notes were raised to 'BB-' from 'B+'. The issue ratings on the $1.34 billion of senior secured credit facilities were raised to 'BB+' from 'BB-', while we revised our recovery rating on this debt to '2' from '3', indicating the expectation of substantial recovery (70%-90%) in the event of a payment default. The upgrade reflects CGG-Veritas' strong nine-month operating performance in 2007, together with increased visibility and confidence that 2008 should yield continued...
Companies mentioned in this report are: Compagnie Generale de Geophysique - Veritas
Action: Outlook: Stable
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Compagnie Generale de Geophysique - Veritas