S&P rates C&J Energy loans BB+

Standard & Poor's said it assigned its BB- corporate credit rating to C&J Energy Services Ltd.

The outlook is stable.

At the same time, the agency assigned its BB+ issue-level ratings (two notches above the corporate credit rating) to the company's $300 million five-year term loan, $375 million seven-year term loan and $600 million revolving credit facility that matures in 2019.

"The stable outlook reflects our expectation that the company will be able to generate positive free cash flow over the next two years (2015 and 2016) while maintaining leverage of about 2x," S&P credit analyst Stephen Scovotti said in a news release.

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