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S&P ups Global Marine notes to B-
S&P said it raised its rating on Global Marine Inc.’s $300 million of 7% unsecured notes due 2028 to B- from CCC. It also revised the recovery rating to 3 from 6.
The 3 recovery rating means S&P expects a meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default.
S&P cited Transocean Inc.’s agreement to unconditionally guarantee Global Marine’s notes for the upgrade. Transocean is a direct subsidiary of Global Marine’s parent, Transocean Ltd.
All other ratings remain unchanged.
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