Geokinetics Holdings Inc. Downgraded To 'CCC-' From 'CCC+'; Outlook Negative Dec 11
Standard & Poors, December 2011
Abstract
We believe U.S.-based seismic services company Geokinetics' fourth quarter will be weaker than our previous expectations, which would result in weaker liquidity. We are lowering the corporate credit rating to 'CCC-'. The negative outlook reflects our view that the company could need to restructure its debt, which would constitute a default under our criteria. NEW YORK (Standard & Poor's) Dec. 16, 2011--Standard & Poor's Ratings Services said today it lowered its corporate credit and senior secured ratings on Houston-based Geokinetics Holdings Inc. (Geokinetics) to 'CCC-' from 'CCC+'. The outlook is negative. "The rating action reflects our belief that Geokinetics' fourth quarter will be weaker than our previous expectations, which would result in weaker liquidity," said Standard & Poor's credit analyst...
Companies mentioned in this report are: Geokinetics Holdings Inc.
Action: Downgraded
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.
Geokinetics Holdings Inc.
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