Research Update: Hornbeck Offshore Services Inc. Outlook Revised To Stable On Improved Operating Performance; 'B+' Rating Affirmed Nov 11

Standard & Poors, November 2011

Abstract
Improvement in the utilization and dayrates of U.S.-based offshore service provider Hornbeck Offshore Services' vessels has resulted in improved operating performance. We revised the outlook on the company to stable from negative and affirmed the 'B+' corporate credit rating. At the same time, we are raising our issue-level rating on Hornbeck's senior unsecured debt to 'BB-' and revising the recovery rating to '2'. The stable outlook reflects our view that Hornbeck's credit metrics will continue to improve over the near term while maintaining adequate liquidity. On Nov. 10, 2011, Standard & Poor's Ratings Services revised its outlook on Covington, La.-based Hornbeck Offshore Services to stable from negative and affirmed its 'B+' corporate credit rating on the company. We also raised...

Companies mentioned in this report are: Hornbeck Offshore Services Inc.
Action: Outlook: Stable
Action: Upgraded

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Hornbeck Offshore Services Inc.

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