S&P rates Complete Production loan B

Standard & Poor's said it assigned its B corporate credit rating to Complete Production Services and also assigned its B rating and 4 recovery rating to the company's $400 million term loan B due 2012 and $130 million revolving credit facility due 2010.

The outlook is stable.

The ratings on Complete reflect the company's weak business position as a small niche oilfield services provider in a cyclical, capital intensive and highly competitive industry, combined with an aggressive growth strategy and substantial debt burden, S&P said, adding these weaknesses are slightly mitigated by the company's adequate near-term liquidity to meet capital spending and debt service in the currently favorable well servicing environment.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.