Fitch gives Oceanografia B, notes B+

Fitch Ratings said it assigned the following ratings to Oceanografia SA de CV: foreign currency issuer default rating B, local currency issuer default rating B and proposed $375 million secured notes due 2015 B+/RR3.

The agency said that the RR3 recovery rating is consistent with an anticipated recovery of 50%-70% in the event of a default.

The outlook is stable.

Fitch said that Oceanografia's ratings reflect its position as a leading provider of marine-contracting services to Petroleos Mexicanos SA (foreign currency issuer default rating rated BBB).

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