S&P gives Oceaneering, loans BBB

Standard & Poor's said it assigned its BBB corporate credit rating to Oceaneering International Inc.

The outlook is stable.

At the same time, the agency assigned its BBB issue-level ratings to the company's $300 million term loan due 2017 and $500 million revolving credit facility that matures in 2019.

Oceaneering is expected to use proceeds from the term loan and the issuance of possible issuance of unsecured debt to fund share repurchases and for general corporate purposes.

"The stable outlook reflects our expectation that debt leverage will not exceed 1.5x, FFO to debt will remain above 70%, and liquidity will remain strong over the next 24 months," S&P credit analyst Stephen Scovotti said in a news release. "The outlook also reflects our expectation that the company will continue to maintain a conservative financial policy."

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