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Recovery Report: Hornbeck Offshore Services Inc.'s Recovery Rating Profile Mar 12

Standard & Poors, March 2012

Abstract
We are updating our recovery analysis on Covington, La.-based offshore marine services company Hornbeck Offshore Services Inc., (Hornbeck) to reflect the proposed issuance of $375 million senior unsecured notes to refinance the existing $300 million 2014 notes. As a result of the small increase in total senior unsecured debt, we expect a slight decrease in our recovery expectations on the existing senior unsecured notes; however, our recovery and issue-level ratings on the notes remain unchanged. Claims on the proposed notes are expected to be pari passu with the existing senior unsecured notes, hence our recovery and issue-level ratings on the new notes are consistent with the existing notes. Our default scenario assumes an extended period of weak commodity prices, leading...

Companies mentioned in this report are: Hornbeck Offshore Services Inc.

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: Full Analysis

Hornbeck Offshore Services Inc.

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