Standard & Poor's Ratings Services said it has affirmed its 'BB-' corporate credit rating on Petroleum Geo-Services ASA (PGS) following PGS' announcement that it will seek to refinance existing senior secured debt with 800 mln usd in new senior secured credit facilities as well as fund a one-time special dividend of 300 mln usd.
'Despite the leveraging aspects of this transaction, we expect credit measures to remain at acceptable levels for the current ratings over the near to intermediate term,' S&P said. The outlook is stable.
