S&P downgrades GulfMark

S&P said it lowered the corporate credit rating on GulfMark Offshore Inc. to D from CCC-.

The agency also said it lowered the rating on the company's senior unsecured debt to D from CCC.

The recovery rating is 2, indicating 70% to 90% expected default recovery.

Gulfmark entered into a 30-day-grace period to make the March 15 interest payment on its 6 3/8% senior unsecured notes due 2022, the agency said.

The D corporate credit and issue-level ratings reflect an expectation that company will not make the interest payment within the 30-day-grace period, S&P said, and will instead seek a debt restructuring.

The company also announced that it retained financial and legal advisors to assist it in reviewing strategic alternatives for addressing liquidity needs, including obtaining additional capital or a financial restructuring, the agency said.

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