S&P cuts Trico Marine ratings

Standard & Poor's said it lowered Trico Marine Services Inc.'s issuer credit to CCC+ from B- and senior unsecured ratings to CCC- from CCC and removed them from CreditWatch with negative implications, following the announcement that Trico would likely violate covenants under its U.S. bank credit facility.

The outlook is negative.

S&P said the rating actions reflect reduced expectations for liquidity and earnings in the near term. Trico is estimated to currently have about $66 million of liquidity versus roughly $50 million of expenses and $11.4 million of debt amortization on its NOK 800 million credit facility.

S&P said the ratings on Trico reflect the company's participation in the cyclical and capital-intensive offshore support vessel segment of the petroleum industry, coupled with aggressive financial leverage.

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