S&P assigns Oceanografia, notes B+

Standard & Poor's said it assigned its B+ long-term corporate credit rating to Oceanografia SA de CV.

The agency said it also assigned its B+ senior secured debt rating to its proposed $375 million notes.

The outlook is stable.

According to S&P, the ratings assigned to Oceanografia reflect the issuer's high customer and geographic concentration, as well as a heavy capital expenditure budget that will result in negative free operating cash flow and high financial leverage during the next three years.

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