Moody's: Songa outlook stable

Moody's Investors Service said it affirmed the B2 corporate family rating and probability of default rating of Songa Offshore SE.

The outlook was revised to stable from negative.

Moody's said the action follows the company's recent Kr 633 million equity issuance and credit facility amendments, including a deferral of $106 million of loan installments for four quarters.

In Moody's view, these actions have eased Songa's near-term liquidity risk at a time when it has a large capital expenditure program for its existing fleet and a $48 million bond due June 2012.

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