S&P affirms Topaz Energy

Standard & Poor’s said it affirmed its B corporate credit rating on Topaz Energy and Marine. The outlook remains stable.

S&P also affirmed the B- issue rating on Topaz’s $350 million senior unsecured five-year notes, issued through special purpose financing vehicle Topaz Marine SA. The recovery rating on these notes is 5, indicating an expectation of modest (10%-30%) recovery prospects for noteholders in the event of a payment default.

S&P said the affirmation of the rating primarily reflects S&P’s view that credit metrics at the parent level will remain within the “aggressive” category on a weighted average basis. However, S&P said it anticipates metrics could deteriorate slightly and temporarily as market conditions in oil services soften as a result of investment and cost-cutting measures at oil companies worldwide.

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