U.S.-based offshore service provider Hornbeck Offshore Services Inc. saw continued improvement in the day rates and utilization of its vessels, resulting in improved operating performance and credit measures. We are revising the rating outlook to positive from stable and affirming the 'B+' corporate credit rating on the company. The positive outlook reflects that we could raise the corporate credit rating if the company is able to maintain debt to EBITDA at less than 3.5x for the next several quarters. For this to happen, we believe that industry conditions will need to remain strong in the Gulf of Mexico and the company will need to contract its newbuild offshore supply vessels at favorable day rates. On Sept. 25, 2013, Standard&
