CGG - comment

The upgrade of CGG to B- recognises that 2024/2025 will likely benefit from improving performance operationally and the end of some legacy costs (ship leases). S&P does not see a further upgrade in the next 24 months, but at B- CGG would be eligible for CLOs. Also, S&P expects 2024 EBITDA of $500m as projects previously expected in 2023 fall into 2024 (our forecast is $409m, although this is negatively impacted by EBITDA recognition under multi-client contracts).

https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3148931