Research Update: Oilfield Services Company Millennium Offshore Services Assigned 'B' Rating; Outlook Stable Feb 13

Standard & Poors, February 2013

Abstract
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. On Feb. 18, 2013, Standard & Poor's Ratings Services assigned its 'B' long-term issuer credit rating to Marshall Islands-based Millennium Offshore Services (MOS). The outlook...

Companies mentioned in this report are:
- Millennium Offshore Services

Action: New Rating

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.

- Millennium Offshore Services

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