S&P cuts Trico Marine to D

Standard & Poor's said it lowered its corporate credit and senior unsecured debt ratings on Trico Marine Services Inc. to D and removed the ratings from CreditWatch with negative implications.

S&P said the rating action follows the failure of Trico to make the May 15 interest payment due on its $250 million senior unsecured notes due 2012. In its May 10 announcement, Trico said it planned to use the 30-day grace period provided by the notes to continue the study of strategic alternatives for the company, including the possible restructuring or refinancing of the senior notes.

If Trico makes the interest payment within the grace period, S&P said it would reevaluate its ratings and outlook on the company at that time.

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