CGG SA -- Moody's downgrades CGG to B3; outlook negative

London, 07 August 2015 -- Moody's Investors Service, ("Moody's") has today downgraded CGG SA's (CGG or the company) corporate family rating (CFR) to B3 from B1 and probability of default rating (PDR) to B3-PD from B1-PD. Concurrently, Moody's has also downgraded to Ba3 from Ba1 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 to Caa1 from B2 the ratings on the senior notes issued by CGG SA. The rating outlook remains negative.

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