Research Update: Connolly LLC, Audit Services Provider, Assigned Preliminary 'B' Ratings; Outlook Stable Jul 12
- Language: English
- Published: July 2012
U.S. oilfield services provider Gulf Offshore Logistics Holdings LLC (GOL) plans to issue $75 million in secured floating rate notes (floating notes) and $35 million in secured term B fixed rate notes plus warrants (Term B notes). We are affirming the preliminary 'CCC+' corporate credit rating on the company. We are withdrawing our preliminary 'CCC+' issue and preliminary '3' recovery ratings on the $110 million secured fixed rate notes. We're assigning preliminary 'B-' issue and preliminary '2' recovery ratings to GOL's proposed floating notes and preliminary 'CCC-' issue and a preliminary '6' recovery ratings to GOL's proposed Term B notes. The outlook is developing because we could raise or lower the ratings depending on Gulf of Mexico market conditions; on...
Companies mentioned in this report are: Gulf Offshore Logistics Holdings LLC
Action: New Rating
Action: Outlook: Developing
Action: Preliminary Rating
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.
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Gulf Offshore Logistics Holdings LLC