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Hornbeck Offshore Services 'B+' Ratings Affirmed, Off Watch Oct 02
Standard & Poors, October 2002
NEW YORK (Standard & Poor's) Oct. 14, 2002--Standard & Poor's Ratings Services said today it affirmed its single-'B'-plus corporate credit and senior unsecured ratings on Hornbeck Offshore Services Inc. The ratings were removed from CreditWatch, where they were placed with positive implications on July 23, 2002, following the postponement of its proposed IPO. The outlook is stable. Mandeville, La.-based oil and gas services company Hornbeck has about $175 million in outstanding debt. The ratings on Hornbeck reflect its position in the deep-water oil and gas offshore supply vessel (OSV) market and the diversification provided by its tug and tank barge business. Solid near-term fundamentals are providing good financial results and cash flow generation. However, high debt leverage, contract-renewal risk, and...
Companies mentioned in this report are: Hornbeck Offshore Services Inc.
Action: Affirmed, Off CreditWatch
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
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Hornbeck Offshore Services Inc.