NEW YORK (Standard&Poor's CreditWire) June 29, 2001 --Standard&Poor's today assigned its single-'B'-plus corporate credit rating to HORNBECK-LEEVAC Marine Services Inc. At the same time, Standard&Poor's assigned its single-'B'-plus senior unsecured debt rating to HORNBECK-LEEVAC's proposed $175 million senior unsecured notes due 2011. The outlook is stable. The ratings on Mandeville, La.-based HORNBECK-LEEVAC reflect its position in the deep-water offshore supply vessel (OSV) market and the diversification provided by its tug and tank barge business. Both businesses are supported by long-term contracts, some with terms through March 2006. However, high debt leverage and contract-renewal risks temper these strengths. HORNBECK-LEEVAC owns eight OSVs designed to operate in the deep-water Gulf of Mexico (GOM) having an average
