S&P: Hercules view to negative

Standard & Poor’s said it revised Hercules Offshore Inc.’s outlook to negative from stable and affirmed its B corporate credit rating.

The agency also said it affirmed the B ratings on the company’s senior unsecured notes. The recovery rating on the notes remains at 4, indicating 30% to 50% expected default recovery.

The ratings also reflect the company’s vulnerable business risk profile and aggressive financial risk profile, S&P said.

Rating factors include the company’s participation in the highly volatile and competitive shallow-water drilling and marine services segments of the oil and gas industry, the agency said.

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