NEW YORK (Standard&Poor's) Oct. 14, 2002--Standard&Poor's Ratings Services said today it affirmed its single-'B'-plus corporate credit and senior unsecured ratings on Hornbeck Offshore Services Inc. The ratings were removed from CreditWatch, where they were placed with positive implications on July 23, 2002, following the postponement of its proposed IPO. The outlook is stable. Mandeville, La.-based oil and gas services company Hornbeck has about $175 million in outstanding debt. The ratings on Hornbeck reflect its position in the deep-water oil and gas offshore supply vessel (OSV) market and the diversification provided by its tug and tank barge business. Solid near-term fundamentals are providing good financial results and cash flow generation. However, high debt leverage, contract-renewal risk, and
