S&P puts Eurasia Drilling on positive watch

S&P said it placed its BB long-term corporate credit rating on company Eurasia Drilling Co. on CreditWatch with positive implications.

The B short-term corporate credit rating was affirmed.

The CreditWatch follows Schlumberger's announcement that it has agreed to acquire 51% of EDC, subject to various regulatory approvals.

“If the transaction proceeds, we would likely upgrade EDC, based on our view that its credit profile would be strengthened by ownership by the world's largest oilfield services company,” S&P said in a news release.

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