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Provider: Reuters Investment Profile

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Songa Offshore SE Maintains Rating on Songa Offshore SE-DJ

Friday, 24 May 2013 09:31am EDT 

Dow Jones reported that Standard & Poor's Ratings Services (S&P) has affirmed its 'B-' long-term corporate credit rating on Songa Offshore SE. The outlook is negative. At the same time, the agency removed the rating from CreditWatch, where it was placed with negative implications on March 5, 2013. S&P's affirmation reflects the agency understanding that Songa is likely to receive a temporary waiver at the bondholder meeting on June 3, 2013, for breaching its leverage ratio covenant specified under the bond documentation. The Company has already received firm commitments from the majority of its bondholders, indicating that the waiver will most likely be granted. 

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0.02 +1.33%
19 Dec 2014