S&P gives Bibby Offshore notes B+, loan BB-

Standard & Poor’s said it assigned its preliminary B+ long-term corporate credit rating to Bibby Offshore Holdings Ltd. The outlook is stable.

At the same time, S&P assigned a preliminary BB- issue rating to Bibby Offshore’s proposed £20 million super senior revolving credit facility. The recovery rating on this instrument is 2, indicating an expectation of substantial (70%-90%) recovery for noteholders in the event of a payment default.

In addition, S&P assigned a preliminary B+ issue rating to the proposed £175 million senior secured notes. The recovery rating on these instruments is 4, reflecting an expectation of average (30%-50%) recovery for noteholders in the event of a payment default.

The B+ preliminary rating on Bibby Offshore reflects S&P’s assessment of the company as being core to its parent under S&P’s group methodology criteria. Therefore, the ratings and outlook on the subsidiary reflect the group credit profile.

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