Argus Downgrades Tidewater Inc (TDW) to Sell; Rising Default Risk
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Argus downgraded Tidewater Inc (NYSE: TDW) from Hold to Sell on rising default risk .
The analyst believes that Tidewater, which has already violated a key covenant in its revolving credit and term loan agreement, may have difficulty paying off debt scheduled to mature in fiscal 2017.
In addition, they note that the company's results are highly dependent on offshore E&P spending, and that offshore has been the oilfield services segment most hurt by the energy sector downturn. They do not expect this segment to recover in the near term.
Shares of Tidewater Inc closed at $1.67 yesterday.
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