S&P affirms HGIM

S&P said it affirmed its B- issuer credit rating on HGIM Corp. and affirmed the B issue-level rating on the company's $350 million first-lien term loan due 2023. The 2 recovery rating is unchanged, indicating an expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default.

The outlook is stable.

“The rating affirmation reflects our expectation that HGIM's leverage will remain high but stable, over the next one to two years, as offshore service providers continue to face weak market conditions, with oil and gas exploration and production (E&P) companies favoring lower-cost, less-risky onshore projects,” S&P said in a news release.

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