NEW YORK (Standard&Poor's) Oct. 3, 2006--Standard&Poor's Ratings Services said today that its corporate credit rating, senior unsecured rating, and outlook on Hornbeck Offshore Services Inc. (BB-/Stable/--) are unaffected by the company's announcement that its has closed on a new, five-year senior secured credit facility, which will increase the borrowing base to $100 million from $60 million. Although potential secured debt would now encumber greater than 15% of assets (not including cash), Hornbeck's $300 million, 6.125% senior unsecured notes have not been notched downward. The decision to not lower the senior unsecured rating reflects expectations that new vessels currently being constructed and scheduled for delivery over the next 12 months should return asset encumbrance below the 15%
