S&P lifts FTS International

S&P said it raised its corporate credit rating on FTS International Inc. to B from B-.

The outlook is stable.

At the same time, the agency raised its issue-level rating on the company's second-lien senior secured debt to B from CCC+. The recovery rating is 4, indicating an expectation for average (30%-50%; rounded estimate: 30%) recovery in the event of a payment default.

S&P said the upgrade reflects an expectation the FTS will lower its debt leverage and adopt a more conservative financial policy following the use of its IPO proceeds to repay debt, and renewed drilling activity in the U.S. onshore oil and gas industry.

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