CGG-Veritas on review for downgrade on Fugro bridge loan

Moody’s has placed CGG-Veritas (Ba2/BB-) on review for downgrade after the French oil and gas field surveyor took out a €700m bridge loan to finance its €1.2bn acquisition of part of the geoservices division of Dutch firm Fugro. The review comes despite the borrower saying it has structured the transaction in such a way as to maintain its existing credit ratings.