Geokinetics Holdings Inc. Downgraded To 'CCC-' From 'CCC+'; Outlook Negative Dec 11
- ID: 2033962
- December 2011
- Standard & Poors
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.
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