CHICAGO--(BUSINESS WIRE)--Fitch Ratings has downgraded to 'BB' from 'BBB-' the rating of SBM Deep Panuke S.A.'s (Deep Panuke or the issuer) $450 million senior secured notes due 2021. The Rating Outlook has been revised to Negative from Stable. The downgrade is based on the weakened credit quality of SBM Offshore N.V. (SBM), the sponsor and guarantor of the issuer's performance obligations under the charter. The counterparty has the option to terminate the charter based on the bankruptcy or ins
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