(The following statement was released by the rating agency)
Oct 5 - Standard & Poor's Ratings Services said today that it had reinstated its 'BB' issue rating on the $79 million secured revolver facility issued by CGG Veritas Services Holding (U.S.) Inc. and guaranteed by Compagnie Generale de Geophysique - Veritas, due in January 2014, which was withdrawn in error in January 2012. The rating is on CreditWatch with negative implications. We also reinstated the '2' recovery rating on this instrument, which indicates our expectation of substantial (70%-90%) recovery in the event of payment default.
For the corporate credit rating rationale on Compagnie Generale de Geophysique - Veritas (CGGV; BB-/Watch Neg/--), please see our most recent research update on CGGV, "Seismic Services Company CGGV 'BB-' Ratings Placed On CreditWatch Negative On Announcement Of Fugro Division Acquisition", published on Sept. 25, 2012.
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. All ratings affected by this rating action can be found on Standard & Poor's public Web site at . Use the Ratings search box located in the left column. (New York Ratings Team)