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S&P lifts Expro to stable
Standard & Poor's said it revised to stable from negative the outlook on Expro Holdings U.K. 3 Ltd.
The agency also said it affirmed the company's B- long-term corporate credit rating, along with the BB- rating on the $160 million super senior revolving credit facility at Expro Holdings U.K. 4 Ltd. The recovery rating is unchanged at 1+, reflecting 100% expected default recovery.
The B rating on Expro's $991 million senior secured term loan D also was affirmed with the recovery rating unchanged at 2, reflecting 70% to 90% expected default recovery.
The B rating on the $991 million senior secured notes due 2016 issued by Expro Finance Luxembourg SCA was affirmed. There is no recovery rating on the notes because the issuer is an orphan special-purpose entity.
The CCC+ rating on the $975 million mezzanine loan issued by Expro Holdings U.K. 4 also was affirmed with a recovery rating of 5, reflecting 10% to 30% expected default recovery.
The outlook revision reflects the improvements seen in Expro's operational trajectory and its potential for steady de-leveraging over coming years, S&P said.
The agency said it anticipates that Expro will continue to report double-digit revenue and EBITDA growth, supported by the increasing development of deepwater oil and gas fields globally.
These weaknesses are counterbalanced by confidence in Expro's leading market position, providing critical well testing and commissioning and subsea safety services, particularly in more challenging, higher-risk offshore deepwater regions, S&P said.
Expro's good safety track record and its blue chip and diversified customer base also serve as ratings strengths, the agency said.
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