S&P cuts Songa Offshore

Standard & Poor's said it lowered its long-term corporate credit rating on Songa Offshore SE to B- from B.

The rating remains on CreditWatch with negative implications, where it was initially placed on Nov. 6.

The agency said the downgrade follows S&P's decision to revise downward its assessment of Songa's liquidity position to weak from less than adequate.

The downgrade also reflects what S&P perceives to be weak management and governance because of Songa's generally retroactive management approach. In addition, the downgrade reflects the agency's view that the projected credit metrics for Songa are more commensurate with a B- rating.

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