CGG SA -- Moody's downgrades CGG to B1; outlook negative

London, 21 May 2015 -- Moody's Investors Service, ("Moody's") has today downgraded CGG SA's (CGG or the company) corporate family rating (CFR) to B1 from Ba3 and probability of default rating (PDR) to B1-PD from Ba3-PD. Concurrently, Moody's has also downgraded to Ba1 from Baa3 the ratings on the senior secured French revolving credit facility and the senior secured US revolving credit facility (RCF) issued by CGG and CGG Holding (U.S.) Inc respectively as well as from B1 to B2 the ratings on the senior notes issued by CGG SA. The rating outlook remains negative.

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