New York, March 30, 2016 -- Creditors who bought $1.3 billion in SESI's full covenant package, unsecured bonds agreed to the permanent termination of important covenant protections in the event that the company's rating went from speculative-grade to investment-grade, a scenario that is playing out with negative implications now that SESI's rating has been downgraded to spec-grade again, said Moody's Investors Service.

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