Moody's: GulfMark notes B1

Moody's Investors Service said it assigned a B1 rating to GulfMark Offshore, Inc.'s proposed notes due 2022.

The Ba3 corporate family rating, B1 rating on the existing notes due 2014, SGL-2 speculative grade liquidity rating and stable outlook remain unchanged.

The B1 senior unsecured note rating reflects both the overall probability of default of GulfMark, to which Moody's said it assigned a probability of default of Ba3, and a loss given default of LGD4-63%.

The size of the senior secured revolver's priority claim relative to the senior unsecured notes results in the notes being rated one notch beneath the Ba3 corporate family rating, the agency said.

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