Fitch rates Halliburton notes A-

Fitch Ratings said it assigned an A- rating to Halliburton Co.'s $400 million 5.9% senior notes due 2018 and $800 million 6.7% senior notes due 2038 issued Friday. The agency also affirmed the company's issuer default rating, senior unsecured notes/debentures and senior unsecured bank facility at A- and its short-term issuer default rating and commercial paper at F2.

The outlook is stable.

The debt-to-EBITDA ratio was 0.7 times as of June 30. Pro forma for the conversion of the 3.125% notes and the issuance of the new senior unsecured notes, balance sheet debt is expected to remain at $2.8 billion. However, the agency said that adjusted debt, as calculated by Fitch, is expected to fall by approximately $2.1 billion associated with the additional obligation associated with the convertible notes as calculated on June 30. Assuming EBITDA remains stable, the debt-to-EBITDA ratio would remain constant at 0.7 times.

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