Fitch rates Veritas converts BB-

Fitch Ratings said it has affirmed the senior secured debt rating of Veritas DGC Inc. at BB and assigned a BB- rating to the new senior unsecured convertible notes due 2024.

The outlook remains negative due to the weak outlook for the seismic sector and the concern that the company's reduction in multi-client expenditures and capital improvements may hinder future opportunities.

Fitch said the rating is based on Veritas' lease-adjusted credit profile, the company's commitment to generating positive free cash flow and its geographically diversified operations. The anticipated improvement in Veritas' credit profile has not materialized despite four years of stronger-than-average prices for oil and natural gas.

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