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HORNBECK-LEEVAC Marine Services Inc. Ratings Are Affirmed; Outlook Negative Apr 02
Standard & Poors, April 2002
NEW YORK (Standard & Poor's CreditWire) April 17, 2002 - Standard & Poor's today affirmed its single-'B'-plus ratings on Mandeville, La.-based HORNBECK-LEEVAC Marine Services Inc. and revised its outlook to negative from stable following the company's announced new-vessel program of four deep-water capable offshore support vessels. While the program is expected to be funded internally, the cash draw will erode Hornbeck's liquidity cushion until favorable contracts are secured for the vessels. The outlook is negative. "The ratings on HORNBECK-LEEVAC reflect the company's position in the deep-water offshore supply vessel (OSV) market and the diversification provided by its tug and tank barge business," noted Standard & Poor's credit analyst Paul B. Harvey. "Solid near-term fundamentals are providing good financial results and...
Companies mentioned in this report are: Hornbeck Offshore Services Inc.
Action: Outlook Revised
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Research type: News
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Hornbeck Offshore Services Inc.