MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it has
affirmed its existing ratings, including the 'BB-' corporate credit rating
(CCR), on Helix Energy Solutions Group Inc and assigned its 'B+' senior
unsecured rating to the company's 500 mln usd in proposed fixed-rate notes due
2015 and floating-rate notes due 2014.
The outlook on the ratings is stable, the ratings agency said.
The ratings reflect potential challenges in realising expected synergies
between its oilfield services and exploration and production businesses over the
longer term, short-lived oil and gas reserves, continued high levels of growth
capital spending, and an aggressive financial risk profile, S&P said.
The weaknesses are partially offset by the offshore energy services
company's solid market position in its contracting services businesses,
favourable near-term industry fundamentals, and consolidated credit measures
that remain in line with expectations for the current ratings, S&P said.
TFN.newsdesk@thomson.com
npr/man
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