CGG- Rating Report
Spread Research has upgraded its rating on Compagnie Générale de Géophysique (“CGG”) to B- from D following the closing of the financial restructuring in February. It resulted in a sharp reduction of CGG’s leverage and an improvement of its liquidity profile.
CGG’s seismic market has experienced a sharp downturn, reinforced by the decline in oil prices from mid-2014. The fast and material decline of oil prices resulted in a drop in the profitability of oil companies and cuts in spending for exploration and production.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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