Moody’s downgrades Bibby Offshore

Moody's Investors Service said it downgraded Bibby Offshore Holdings Ltd.'s corporate family rating to Ca from Caa2 and probability of default rating to Ca-PD from Caa2-PD.

The agency also downgraded the rating of Bibby Offshore Services plc’s £175 million senior secured notes due 2021 to Ca from Caa2.

The outlook is negative.

Moody’s said the action reflects the heightened stress on the company's liquidity with decreasing cash on hand year-on-year, negative free cash flow (FCF) generation and limited access to the revolving credit facility despite the support from its shareholder Bibby Line Group Ltd. (unrated).

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