- Language: English
- Published: November 2012
Summary: Hornbeck Offshore Services Inc. Nov 11
- ID: 2085007
- November 2011
- Standard & Poors
Our ratings on Hornbeck Offshore Services Inc. reflect the company's position in the volatile and cyclical marine services industry, as well as improving market conditions in the Gulf of Mexico due to an increase in new well permits. The ratings also incorporate Hornbeck's increased geographic diversity as a result of repositioning vessels out of the Gulf of Mexico, and adequate liquidity of about $381 million, including $131.9 million of cash, as of Sept. 30, 2011. Standard & Poor's classifies Hornbeck's financial risk as aggressive. Total adjusted debt to EBITDA for the last 12 months ended Sept. 30, 2011, was 6.0x. However, total adjusted debt to the third quarter of 2011 annualized EBITDA was approximately 4.6x reflecting the recent improvement in...
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
SHOW LESS READ MORE >
Hornbeck Offshore Services Inc.