S&P: Grey Wolf still on positive watch

Standard & Poor's said its BB- corporate credit rating on Grey Wolf Inc. remains on CreditWatch with positive implications following the announcement that Precision Drilling Trust (not rated) has entered into a definitive merger agreement with Grey Wolf.

At the same time, the agency said it revised the CreditWatch listing on Grey Wolf's senior unsecured issues to developing from negative.

The ratings on Grey Wolf were originally placed on CreditWatch April 22, S&P said, adding that the transaction follows Grey Wolf's announcement that it would be exploring strategic alternatives to enhance shareholder value after Grey Wolf's shareholders failed to approve a previous merger agreement with Basic Energy Services Inc. (BB-/stable) in mid July.

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