Research Update: Hornbeck Offshore Services Inc. 'CCC-' Rating Affirmed On Expected Debt Restructuring; Outlook Negative - S&P Global Ratings’ Credit Research

Research Update: Hornbeck Offshore Services Inc. 'CCC-' Rating Affirmed On Expected Debt Restructuring; Outlook Negative

Research Update: Hornbeck Offshore Services Inc. 'CCC-' Rating Affirmed On Expected Debt Restructuring; Outlook Negative - S&P Global Ratings’ Credit Research
Research Update: Hornbeck Offshore Services Inc. 'CCC-' Rating Affirmed On Expected Debt Restructuring; Outlook Negative
Published Aug 10, 2018
7 pages (2283 words) — Published Aug 10, 2018
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

U.S.-based offshore vessel provider Hornbeck Offshore Services Inc. continues to face weak market conditions and upcoming debt maturities, and we continue to expect the company will restructure its debt within the next six months. We are affirming our 'CCC-' issuer credit rating on Hornbeck Offshore. We are also affirming our 'D' issue-level rating on the company's convertible notes due 2019 and our 'CCC' issue-level and '2' recovery rating on its senior notes due 2020 and 2021. The negative rating outlook reflects our view that Hornbeck will likely enter into a distressed exchange or debt restructuring for its 2020 or 2021 debt maturities over the next six months. On Aug. 10, 2018, S&P Global Ratings affirmed its 'CCC-' issuer credit rating

  
Brief Excerpt:

...+ U.S.-based offshore vessel provider Hornbeck Offshore Services Inc. continues to face weak market conditions and upcoming debt maturities, and we continue to expect the company will restructure its debt within the next six months. + We are affirming our '###-' issuer credit rating on Hornbeck Offshore. + We are also affirming our 'D' issue-level rating on the company's convertible notes due 2019 and our '###' issue-level and '2' recovery rating on its senior notes due 2020 and 2021. + The negative rating outlook reflects our view that Hornbeck will likely enter into a distressed exchange or debt restructuring for its 2020 or 2021 debt maturities over the next six months....

  
Report Type:

Research Update

Ticker
HOSS
Issuer
Hornbeck Offshore Services Inc.
GICS
Oil & Gas Equipment & Services (10101020)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Hornbeck Offshore Services Inc. 'CCC-' Rating Affirmed On Expected Debt Restructuring; Outlook Negative" Aug 10, 2018. Alacra Store. May 20, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Hornbeck-Offshore-Services-Inc-CCC-Rating-Affirmed-On-Expected-Debt-Restructuring-Outlook-Negative-2085117>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Hornbeck Offshore Services Inc. 'CCC-' Rating Affirmed On Expected Debt Restructuring; Outlook Negative Aug 10, 2018. New York, NY: Alacra Store. Retrieved May 20, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Hornbeck-Offshore-Services-Inc-CCC-Rating-Affirmed-On-Expected-Debt-Restructuring-Outlook-Negative-2085117>
  
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