S&P: Green Field notes CCC+

Standard & Poor's said it assigned a preliminary CCC+ corporate credit rating to Green Field Energy Services Ltd., along with a preliminary CCC+ senior secured rating to its proposed $250 million senior secured notes due 2016.

The recovery rating is 3, indicating 50% to 70% expected recovery in a default.

The outlook is developing.

The ratings reflect the company's short operating history, high near-term spending needs, less than adequate liquidity and limited contracted revenue, S&P said.

The ratings also consider the potential for rapidly improving financial measures and liquidity if the company can meet its scheduled spread deliveries, which should allow it to significantly improve cash flows and liquidity, the agency said.

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