Moody's gives Millennium Offshore notes B2

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to Millennium Offshore Services Superholdings LLC (MOS).

Concurrently, Moody's assigned a provisional B2 rating to the company's proposed $225 million senior secured notes.

The outlook is stable.

"MOS's B2 CFR balances the company's market positioning as a small niche player in a fragmented industry and its high concentration in terms of customer, region and product, against the company's healthy backlog together with a solid customer base, consisting of national and international oil companies with strong credit profiles," Moody's vice president, senior analyst and lead analyst for MOS Douglas Crawford said in a news release.

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