S&P puts Oil States on watch

Standard & Poor's said it placed its ratings on Oil States International Inc., including its BB+ corporate credit and senior unsecured debt ratings on the company, on CreditWatch with negative implications.

S&P said the CreditWatch listing reflects Oil States' announcement that it is pursuing a plan to spin off its accommodations business in a separate, publicly traded company. The company believes that it can execute the proposed spinoff through a tax-free distribution to its shareholders during or before the summer of 2014.

The accommodations business currently generates about half of the company's EBITDA.

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