S&P affirms CGG Veritas

Standard & Poor's said it affirmed the BB- long-term corporate credit and issue ratings on Compagnie Generale de Geophysique - Veritas (CGG Veritas).

The ratings also were removed from CreditWatch, where they were placed with negative implications in September.

The outlook is stable.

The affirmation reflects an opinion that execution risks related to the Fugro acquisition have significantly reduced, S&P said.

This is based on the company's secured financing of the planned acquisition, which includes the completion of a €414 million share capital increase in October, the agency said, and the issuance of a €360 million convertible bond Nov. 15.

S&P also said it takes comfort from the fact that the terms and features of the financing do not differ materially from those the company had expected.

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