Moody’s lowers IG Seismic to B3

Moody's Investors Service said it downgraded IG Seismic Services plc’s corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD and placed all ratings on review for further downgrade.

Moody’s said the action reflects its expectation of the substantial weakening of IG Seismic's operating results in 2016 owing to contracting demand for seismic services in Russia. The segment proved to be vulnerable to the dramatic oil price volatility in Q1 2016, although it still remained more resilient if compared to global seismic markets due to overall favorable fundamentals of the Russian oilfield services industry.

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