S&P cuts Gulfmark Offshore notes

Standard & Poor's said it affirmed its BB- corporate credit rating on Gulfmark Offshore Inc.

At the same time, the agency said it downgraded the company's 7.75% senior notes due 2014 to B+ from BB-.

The outlook remains negative.

S&P noted that GulfMark's business risk profile is considered weak, reflecting its exposure to the volatile offshore marine services market in addition to a dependence on one market, the North Sea, for a large percentage of earnings.

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