S&P: Geophysique off watch

Standard & Poor's said it affirmed its BB long-term corporate credit and senior unsecured debt ratings on Compagnie Générale de Géophysique. At the same time, the rating was removed from CreditWatch, where it was originally placed on Sept. 2. The outlook is negative.

S&P said the CreditWatch resolution and rating affirmation follow Geophysique's release of its third-quarter results and reflect the expectations that the company's operating performance and ability to reduce its debt are set to improve over the coming quarters.

The rating is based on the group's below-average profitability in the context of a capital-intensive and competitive industry, vulnerability to changes in the euro/U.S. dollar exchange rate and exposure to volatile crude-oil prices, according to S&P.

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