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'BB' Rating on Compagnie G?n?rale de G?ophysique on CreditWatch Negative Sep 04
Standard & Poors, Sep 2004
Abstract
PARIS (Standard & Poor's) Sept. 2, 2004, Standard & Poor's Ratings Services said today that it had placed its 'BB' long-term corporate credit rating on France-based Compagnie G-n-rale de G-ophysique (CGG)--the largest seismic-equipment producer and, so far, the third-largest player in seismic services worldwide--on CreditWatch with negative implications. 'The CreditWatch placement follows CGG's announcement today that it is making a $900 million offer to competitor Petroleum Geo Services AS (PGS) for its seismic operations,' said Standard & Poor's credit analyst Eric Tanguy. Out of the $900 million purchase price, $100 million will be paid in CGG's shares and $800 million are expected to be funded through newly raised debt (50% through long-term convertibles subscribed by CGG's new strategic partner, Canada-based...
Companies mentioned in this report are: Compagnie Generale de Geophysique - Veritas
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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