Oilfield Services Company Millennium Offshore Services Assigned 'B' Rating; Outlook Stable Feb 13
- ID: 2417629
- February 2013
- Standard & Poors
Accommodation service vessel provider Millennium Offshore Services (MOS) issued $225 million of senior secured five-year notes to recapitalize the company. We assess MOS' business profile as "weak" and its financial profile as "aggressive" under our criteria. We are assigning a 'B' long-term corporate credit rating to MOS, and a 'B' issue rating with a '4' recovery rating to the notes issue. The stable outlook reflects our view that MOS should be able to maintain credit ratios commensurate with the company's current aggressive financial profile and to maintain at least adequate liquidity as per our criteria. DUBAI (Standard & Poor's) Feb. 18, 2013--Standard & Poor's Ratings Services today assigned its 'B' long-term issuer credit rating to Marshall Islands-based Millennium Offshore Services...
Companies mentioned in this report are:
- Millennium Offshore Services
Action: New Rating
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Research type: News
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