Reuters logo
TEXT-S&P raises Helix Energy Solutions Group ratings
2012年2月29日 / 下午5点03分 / 6 年前

TEXT-S&P raises Helix Energy Solutions Group ratings

Feb 29 - Standard & Poor's Ratings Services said today that it raised its
senior secured debt ratings on Houston-based Helix Energy Solutions Group Inc.
to 'BB' (two notches higher than the corporate credit rating) from 'BB-'. We
simultaneously revised its recovery rating on these issues to '1', indicating
the expectation of very high (90% to 100%) recovery in the event of a payment
default, from '2'. 	
	
At the same time, we raised our issue-level ratings on Helix's senior 	
unsecured debt to 'B' (one notch lower than the corporate credit rating) from 	
'B-'. We revised the recovery ratings on these issues to '5', indicating our 	
expectation of modest (10% to 30%) recovery in the event of a payment default, 	
from '6'. 	
	
The revised recovery rating reflects changes to Helix's reserve values 	
following a company-provided PV-10 report using year-end 2011 reserve values 	
at our stressed price assumptions of $45 per barrel of West Texas Intermediate 	
(WTI) crude oil and $4.00 per million British Thermal Units (BTU) of Henry Hub 	
natural gas. The rating action also considers Helix's intention to pay down 	
$200 million of senior unsecured debt through proceeds from its term loan and 	
revolver. For the complete recovery analysis, see our recovery report on Helix 	
to be published on RatingsDirect following the release of this report.	
	
The corporate credit rating on Helix reflects the short reserve life 	
associated with the company's exploration and production (E&P) assets in the 	
Gulf of Mexico, an aggressive capital spending program, and its exposure to 	
the historically cyclical oil and gas industry. Ratings also reflect Helix's 	
adequate liquidity profile and some operating diversity provided through its 	
core contracting services business as well as its E&P segment. 	
	
RATINGS LIST	
Helix Energy Solutions Group Inc. 	
 Corporate credit rating             B+/Stable/--	
	
Ratings Raised; Recovery Ratings Revised	
                                     To            From	
 Senior secured debt                 BB            BB-	
  Recovery rating                    1             2	
 Senior unsecured debt to            B             B- 	
  Recovery rating                    5             6

我们的标准汤森路透“信任原则”
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below