S&P upgrades Oil States, rates notes BB+

Standard & Poor's said it raised its corporate credit and senior unsecured ratings on Oil States International Inc. to BB+ from BB. The outlook is stable.

At the same time, the agency said it assigned a BB+ issue-level rating and 4 recovery rating to Oil States' proposed $300 million senior unsecured notes. The 4 recovery rating indicates an expectation of average recovery for lenders in the event of a payment default.

"The upgrade is based on our expectation that the company will maintain its positive operating momentum as well as credit measures appropriate for the new rating category," said S&P credit analyst Christine Besset in a news release.

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