Comments on credit rating
- In the context of the S&P's downgrade of the company's rating and the associated comments, CGG would like to reiterates its anticipated end of the year 2014 financial situation.
- Following a high level of cash generation during the fourth quarter 2014, Group net debt amounts at around $2.4B as of end of December 2014.
- As that date, the financial leverage of the company - the Net Debt over EBITDA ratio - is anticipated to be close to 2,4x far below the 3,75x financial covenant cap and showing a very significant improvement when compared to the 2,9x level reached at the end of September 2014.
- The Group Liquidity (sum of the cash balance and the undrawn portion of Revolving Credit Facility) at the end of 2014 is quite solid, standing above $650m, and looking forward CGG will benefit from a very large debt maturity umbrella with no significant debt repayment obligations within the next four years.