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S&P: Halliburton concerns continue
Standard & Poor's said Friday that Halliburton Co. (BBB/Watch developing/A-3) made an announcement that the Army Material Command has agreed to a 30-day extension until April 30, 2004 to begin implementation of the Federal Acquisition Regulation clause that would impose a 15% withholding action in Halliburton's billings to the government, with an additional 30-day option, if needed.
Despite the extension until possibly June 1, 2004, S&P said it remains concerned about lagging accounts receivables collection, and considerable working capital needs associated with Halliburton's government service business in Iraq.
S&P will closely monitor the timeliness of Halliburton's cash receipts from the Iraqi-related government contracts. Ratings could be negatively affected if the timeliness and amounts of those receipts deviate from expected levels.
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