Hornbeck Offshore received some positive news as Standard & Poor's gave the company a credit upgrade on its roughly $1bn in debt.
S&P rates the Covington, Louisiana-based company's debt as 'CCC-', which means the issuer is currently vulnerable and depends on good business conditions in order to service its debt.
Still, that is a better outlook than S&P's previous rating of the company as 'SD', which is assigned when a company is probably in default on one of its debts.
