Hornbeck Offshore Services' $200 Million Notes Rated 'BB-' And 'BB-' Corporate Credit Rating Affirmed Aug 09
Standard & Poors, August 2009
Abstract
Hornbeck is planning a $200 million senior unsecured notes offering due 2017. We are assigning a 'BB-' issue-level rating to the proposed notes with a recovery rating of '3'. Our stable outlook on the 'BB-' corporate credit rating reflects our assumption that Hornbeck's fleet expansion will be beneficial to credit metrics over the near term. NEW YORK (Standard & Poor's) Aug. 12, 2009--Standard & Poor's Ratings Services today assigned its 'BB-' senior unsecured rating to marine services firm Hornbeck Offshore Services Inc.'s proposed $200 million senior unsecured notes due 2017, the same as the corporate credit rating on the company. We assigned a '3' recovery rating to this debt, indicating expectations of meaningful (50% to 70%) recovery in the event...
Companies mentioned in this report are: Hornbeck Offshore Services Inc.
Action: Affirmed
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.
Hornbeck Offshore Services Inc.
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