S&P raises Key Energy

Standard & Poor's said it raised its corporate credit rating on Key Energy Services Inc. to BB- from B+.

At the same time, the agency said it raised the issue-level rating on the company's senior unsecured notes to BB- from B+.

The outlook is positive.

"The upgrade reflects increased confidence that Key will be able to successfully address the material weaknesses in its internal controls and accounting systems while remaining current with its required SEC filings, something that had weighed negatively on Key's prior rating," said S&P credit analyst Paul Harvey.

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