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.

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