NEW YORK (Standard&Poor's) March 14, 2013--Standard&Poor's Ratings Services today assigned issue-level and recovery ratings to Covington, La.-based Hornbeck Offshore Services Inc.'s $450 million senior unsecured notes due 2021. 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. If the company were to upsize the size of the issue, we could lower the recovery rating and issue level rating on the company's senior unsecured notes. The company will use the proceeds to refinance $250 million of existing 8% senior notes due 2017 and for general corporate
