LONDON (Thomson Financial) - Standard & Poor's Ratings Services said it raised its corporate credit rating on Parker Drilling Co to 'B+' from 'B' with a stable outlook citing improved operating performance and significantly improved credit protection measures.
S&P's said it also raised the issue ratings on Parker's senior and convertible notes to 'B+' from 'B-'.
Parker's ratings also factor in a highly competitive, cyclical industry, the company's active capital spending programme and its global operations in markets that can expose it to geopolitical risks, S&P said.
The ratings agency also sees an improvement in the company's operating performance arising from its recent capital expenditure program and favourable industry conditions. TFN.newsdesk@thomson.com npr/ssh/ssa COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
