London, 25 November 2016 -- Moody's Investors Service, ("Moody's") has today downgraded Petroleum Geo-Services ASA's (PGS) corporate family rating (CFR) to Caa2 from Caa1 and the probability of default rating (PDR) to Caa3-PD from Caa1-PD on the proposed exchange offer of its senior notes due 2018. Moody's would view a successful exchange as a distressed exchange. Concurrently, Moody's has also downgraded the ratings on the senior notes and the senior secured bank credit facilities to Caa2 from Caa1. The rating outlook is stable.
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