S&P gives Harvey Gulf loan B

Standard & Poor's said it assigned its B corporate credit rating to HGIM Corp.

The entity is the parent of Harvey Gulf International Marine LLC.

The outlook is stable.

At the same time, S&P assigned a B issue-level rating to the company's proposed $1 billion senior secured credit facility, which will consist of a $750 million term loan B due 2020 and $250 million revolving credit facility due 2018. The agency assigned a 3 recovery rating to this debt.

"The ratings on Harvey Gulf reflect our assessment of the company's elevated debt leverage measures, acquisitive track record, aggressive new build spending program, relatively small fleet size, and substantial geographic and customer concentration," S&P credit analyst Marc Bromberg said in a news release.

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