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S&P boosts Allis-Chalmers
Standard & Poor's said it raised its corporate credit rating on Allis-Chalmers Energy Inc. to B from B-.
At the same time, the agency said it assigned its B rating to the company's proposed $225 million senior notes due 2017.
The outlook is stable.
The agency said that the upgrade reflects good operating performance, adherence to stated financial policy and meaningful improvements in the company's scale and product offerings over the past year.
The company has made a series of acquisitions and increased pro forma EBITDA to $158 million for the 12 months ended Sept. 30, which compares to $37 million when first rated by S&P in January.
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