Moody’s cuts GulfMark, notes

Moody's Investors Service said it downgraded GulfMark Offshore Inc.'s corporate family rating to B3 from Ba3, probability of default rating to B3-PD from Ba3-PD and senior unsecured notes to Caa1 from B1.

In addition, the speculative grade liquidity rating was lowered to SGL-3 from SGL-2 and the outlook was changed to negative from stable.

"GulfMark's rating downgrades were driven by the sharp decline in its earnings through 2015 and the rapid deterioration in its credit metrics," Moody's senior analyst Sreedhar Kona said in a news release.

"The negative outlook reflects our expectation of further deterioration through 2016 due to weak demand outlook in the oilfield services sector."

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