S&P affirms Key Energy notes

Standard & Poor's said it affirmed its BB- issue rating on Key Energy Services Inc.'s senior unsecured notes following the announcement that Key will add on an additional $200 million to its $475 million 6¾% senior notes due 2021, bringing total unsecured notes to $675 million. The recovery rating on the notes remains 4.

Key's BB- corporate credit rating and stable outlook are unaffected.

S&P said the corporate credit rating on Key Energy Services Inc. reflects the agency's expectations for continued improvement in the company's financial performance in 2011 and into 2012, as increasing demand for well services, which has lagged completion work, continues to support strengthening financial and operating performance.

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