S&P rates Complete Production notes B

Standard & Poor's said it assigned its B rating to Complete Production Service's proposed $600 million unsecured senior notes due 2016.

The corporate credit rating on Complete is B+, the agency said.

The outlook is stable.

On Nov. 14, the company announced plans to commence a private placement of the $600 million unsecured senior notes, S&P said, adding that the proceeds will be used to retire $416 million outstanding under term loan B, $30 million of term loans assumed in connection due to the Pumpco Services Inc. acquisition and to repay part of the revolving credit facility.

The agency added that the ratings on Complete reflect the company's weak business position as an oilfield services provider, with an aggressive growth strategy in the cyclical, capital-intensive and highly competitive oilfield services industry.

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