S&P assigns Petroleum Geo-Services notes BB

Standard & Poor's said it assigned its BB issue rating to the proposed $300 million senior unsecured notes due 2018 to be issued by Petroleum Geo-Services ASA. The issue rating is at the same level as the corporate credit rating on the company.

At the same time, S&P said it assigned a recovery rating of 4 to the proposed notes, indicating the agency's expectation of average recovery for creditors in the event of a payment default.

The recovery rating on the proposed notes is underpinned by the company's substantial valuation, based on its good market positions and its diversified portfolio by market, geography, and customers, the agency said. The recovery rating is also supported, S&P said, by the notes' senior unsecured, unconditional, joint, and several guarantees provided by substantially all the company's subsidiaries.

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