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S&P downgrades IG Seismic
S&P said it lowered the long-term corporate credit ratings on IG Seismic Services plc and Russian core subsidiary Geotech Seismic Services JSC to CCC+ from B-.
The outlook is stable.
The agency also said it lowered the Russia national scale rating on Geotech to ruBB from ruBBB-.
S&P said it removed all of the ratings from CreditWatch, where they were placed with negative implications in July 2016.
The downgrades reflect the substantial decline in IG Seismic’s metrics, weaker margins and higher leverage, owing to Russia's continuously weak oilfield services market, the agency said.
S&P said it anticipates that the company will report annual EBITDA of about RUB 2 billion for 2016, but that high interest payments will lead to negative funds from operations.
Only moderate market recovery is expected in 2017, the agency added.
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