Hornbeck Offshore Services 'B+' Ratings Affirmed, Off Watch Oct 02

Standard & Poors, October 2002

Abstract
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
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.

Customers who bought this item also bought

• Gyroscopes and IMUs for Defense, Aerospace & Industrial 2012
• The Netherlands Defense Industry - Competitive Landscape and Strategic Insights to 2017: Market Profile
• Future of the Netherlands' Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2018
• The Global Naval Vessels and Surface Combatants Market 2013-2023
• 2009 Top Non-Profit, Foundations and Charitable Call and Contact Center Outsourcing Vendors, Black Book Survey 2009 Results
• The Global Armored and Counter IED Vehicles Market 2013-2023
• Vigor Shipyards: Defense Company Profile and SWOT Report
• South Africa Defence and Security Report Q3 2012
• The Netherlands Defense Industry - Competitive Landscape and Strategic Insights to 2016: Market Profile
• Vietnam Defence and Security Report Q1 2012