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S&P lowers Hornbeck Offshore
S&P said it lowered the corporate credit rating on Hornbeck Offshore Services Inc. to CCC+ from B+.
The agency also said it lowered the rating on the company's unsecured debt to B- from BB-. The recovery rating on this debt is 2, indicating 70% to 90% expected default recovery.
The outlook is negative.
The ratings reflect the company's weak business risk, highly leveraged financial risk and adequate liquidity, S&P said.
Hornbeck operates in the marine services business, focusing on support for offshore drilling rigs, the agency said.
Marine services are considered highly competitive with relatively few barriers to entry, S&P said.
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