We expect U.S.-based offshore service provider Hornbeck Offshore Services Inc. to see improvement in day rates and utilization of its vessels, resulting in improved operating performance and credit measures. We are raising the corporate credit rating on the company to 'BB-' from 'B+'. We are revising the recovery rating on the company's senior unsecured notes to '3' from '2', indicating our expectation of meaningful (50% to 70%) recovery in the event of payment default. We are affirming the 'BB-' issue rating on the company's senior unsecured debt. The stable outlook is based on our expectation that drilling in the Gulf of Mexico will remain at healthy levels for the next one to two years. On Sept. 12, 2014, Standard&
