S&P gives B+ to CGG notes

Standard & Poor's said it assigned its B+ issue rating to the proposed €360 million senior unsecured notes to be issued by CGG (B+/stable/--). S&P assigned a recovery rating of 4 to the proposed notes, indicating an expectation of average (30%-50%) recovery in the event of a payment default.

The ratings on the proposed senior unsecured notes reflect their unsecured nature and the substantial amount of prior-ranking secured debt, which is secured by CGG's most valuable assets, S&P said.

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