S&P: Schlumberger loan A+

Standard & Poor's said it assigned an A+ corporate credit rating and A-1 short-term commercial paper rating to Schlumberger Holdings Corp., a subsidiary of Schlumberger Ltd.

The outlook is stable.

The agency also said it assigned an A+ senior unsecured debt rating to a $1 billion five-year revolving credit facility belonging to Schlumberger Technology Corp. and Schlumberger Holdings Corp.

This facility will be used to backstop Schlumberger's commercial paper program in the United States, S&P said.

S&P also said it assigned an A+ senior unsecured debt rating to a $2 billion revolving credit facility belonging to Schlumberger Finance BV, Schlumberger plc, Schlumberger Norge AS and Schlumberger SA.

These facilities will be used to backstop Schlumberger's commercial paper borrowings outside the United States, the agency said.

The ratings reflect its leading position in the global oilfield markets, substantial geographic diversification, broad and technologically complex product and service offering, excellent relationships with the large oil companies and modest financial risk profile, S&P said.

The ratings also incorporate its participation in the highly cyclical and competitive oilfield service industry, the agency said.

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