- Language: English
- 88 Pages
- Published: June 2010
- Region: Turkey
Compagnie G?n?rale de G?ophysique 'BB-' Ratings Still On Watch Neg; $1.1 Bil Loans Rated 'BB-' Dec 06
- Published: December 2006
- Standard & Poors
PARIS (Standard & Poor's) Dec. 11, 2006--Standard & Poor's Ratings Services said today that it assigned its 'BB-' long-term debt rating and '2' recovery rating to France-based Compagnie G-n-rale de G-ophysique's (CGG) proposed $1,100 million senior secured facilities, of which $900 million is issued by subsidiary Volnay Acquisition Co. I. The 'BB-' rating is the same as the corporate credit rating on the group. The '2' recovery rating indicates our expectation of substantial (80%-100%) recovery of principal for senior secured lenders in the event of a payment default. Of the new debt, the $800 million Term Loan B will be used to refinance CGG's existing bridge facility, and $300 million will fund working capital needs. Furthermore, Standard & Poor's said...
Companies mentioned in this report are: Compagnie Generale de Geophysique - Veritas,Veritas DGC Inc.,CGG Veritas Services Holding (U.S.) Inc.
Action: CreditWatch Update
Action: New Rating
Action: On CreditWatch:Negative
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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Compagnie Generale de Geophysique - Veritas,Veritas DGC Inc.,CGG Veritas Services Holding (U.S.) Inc.
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