S&P: Secunda on positive watch

Standard & Poor's said it revised its CreditWatch implications for its B- long-term corporate credit and senior secured debt ratings on Secunda International Ltd. to positive from developing.

The rating action follows the announcement that McDermott International Inc.'s subsidiary J. Ray McDermott SA has signed a definitive agreement to purchase substantially all of the assets of Secunda International Ltd, including 14 vessels, for about $260 million, the agency said.

According to S&P, the action reflects the expectation that the senior secured debt will be retired upon completion of the sale, which should result in a likely strengthening of Secunda's credit profile.

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