Moody's might upgrade Saxon

Moody's Investors Service said it placed SES Intermediate Holdings Ltd.'s B1 corporate family rating and B2-PD probability of default rating under review for possible upgrade as well as the Ba3 senior secured debt rating of subsidiary Saxon Enterprises LLC. The review affects about $550 million of debt securities.

The rating action follows Schlumberger Ltd.'s (A1/stable) agreement to acquire the 50.5% of SES it does not currently own.

The agency said the review for upgrade will focus on the potential for the transaction to close as well as the resulting organizational structure and Schlumberger's plans for Saxon's rated debt. In the event that Saxon's debt remains outstanding after the close of the transaction, Saxon's ratings could be upgraded based on its full ownership by Schlumberger, a much larger and higher-rated entity, Moody's said.

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