Moody's affirms Seacor

Moody's Investors Service said it affirmed Seacor Holdings Inc.'s Ba1 corporate family and probability-of-default ratings and the Ba1 (LGD4, 57%) ratings on the company's 7.2% senior unsecured notes due 2009 and 5 7/8% senior unsecured notes due 2012.

The agency affirmed the Ba1 (LGD4, 57%) rating on the 9½% senior unsecured notes issued by wholly owned subsidiary Seabulk International Inc.

The outlook is stable.

"Seacor's Ba1 rating reflects the company's substantial market position in offshore marine services and strong liquidity," Pete Speer, Moody's vice president, said in a statement. "However, Seacor's asset base, returns and absolute leverage are not comparable to investment grade oilfield services companies."

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