S&P: Quicksilver stable

Standard & Poor's said it revised its outlook on Quicksilver Resources Inc. to stable from negative. The agency also affirmed its B- corporate credit rating on the company.

"The outlook revision reflects our updated assessment of Quicksilver's liquidity, following the company's receipt of a covenant amendment from its banks, a near-term expected reduction in Canadian letters of credit obligations, a $50 million cut in capital expenditures for the remainder of 2012 and the assumption of a lower capital expenditure run rate for 2013," said S&P credit analyst Carin Dehne-Kiley in a news release.

S&P said the outlook revision also incorporates the company's reduced borrowing base.

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