Moody’s downgrades Gulfmark

Moody's Investors Service said it downgraded Gulfmark Offshore, Inc.'s probability of default rating to D-PD from Ca-PD/LD following the company's announcement that it voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware on May 17.

Concurrently, Moody's affirmed Gulfmark's Ca corporate family rating, C (LGD5) notes rating and SGL-4 speculative-grade liquidity. The outlook remains negative.

The agency said the downgrade of the probability of default rating is a result of the bankruptcy filing, and the affirmation of the other ratings reflects Moody's view on the potential overall family recovery.

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