S&P rates Millennium Offshore notes B

Standard & Poor's said it assigned its B long-term issuer credit rating to Millennium Offshore Services.

The outlook is stable.

S&P also assigned a B issue rating to Millennium Offshore's senior secured notes, in line with the corporate credit rating on Millennium Offshore Services. The recovery rating is 4.

The assignment of ratings follows the successful issue of $225 million of senior secured notes.

S&P said the issuer credit rating on Millennium Offshore reflects its view of the company's "aggressive" financial risk profile and "weak" business risk profile. The B rating on the company's $225 million senior secured notes factors in the recovery rating of 4, the agency added.

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