On Oct. 14, 2002, Standard&Poor's Ratings Services affirmed its 'B+' corporate credit and senior unsecured ratings on Hornbeck Offshore Services Inc. and removed them 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 firm Hornbeck has about $175 million in outstanding debt. The ratings on Hornbeck reflect its position in the deep-water 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 the risks associated with a speculative new-vessel program temper these
