On July 23, 2002, Standard&Poor's Ratings Services placed its 'B+' corporate credit and senior unsecured debt ratings assigned to oil field services company Hornbeck Offshore Services, Inc. on CreditWatch with positive implications. The rating action follows Mandeville, La.-based Hornbeck's announcement that it plans to issue $126.5 million in common stock through an IPO. Proceeds are to be used for its current new vessel program, upgrade of the existing fleet, potential acquisitions and new construction. Projected proceeds from the IPO should provide adequate funding for the first four vessels of its announced new vessel program should projected earnings fall short and help fund the remaining four vessels planned. In addition, the IPO will improve Hornbeck's high debt leverage and
