S&P cuts CGG-Veritas view to negative

Standard & Poor's said it revised the outlook on Compagnie Generale de Geophysique - Veritas (CGG-Veritas) to negative from stable.

The agency also said it affirmed the BB- long-term corporate credit rating and BB- issue rating on its unsecured bonds and BB rating on its secured bonds. The recovery rating is unchanged at 3 and 2, respectively.

The outlook revision reflects an expectation of continued weak operating performance in 2010 and the first half of 2011, as marine margins may remain squeezed as a result of vessel overcapacity, S&P said.

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