NEW YORK (Standard&Poor's) March 2, 2012--Standard&Poor's Ratings Services today assigned issue-level and recovery ratings to Covington, La.-based Hornbeck Offshore Services Inc.'s $350 million senior unsecured notes due 2020. The assigned issue rating on the notes is 'BB-' (one notch higher than the corporate credit rating). The recovery rating on this debt is '2', indicating our expectation of a substantial (70% to 90%) recovery in the event of default. The company will use the proceeds to refinance $300 million of existing senior notes due 2014 and for general corporate purposes. (For the complete recovery analysis, see Standard&Poor's recovery report on Hornbeck Offshore Services Inc. to be published on RatingsDirect following the release of this report.)
