Moody’s lifts Schlumberger to Aa3

Moody's Investors Service said it upgraded Schlumberger Ltd.'s issuer rating and the senior unsecured ratings of its guaranteed subsidiaries to Aa3 from A1.

The agency affirmed the A1 issuer rating of Schlumberger Holdings Corp. (SHC), a wholly owned unguaranteed subsidiary of Schlumberger. It also affirmed the Prime-1 short-term commercial paper ratings for Schlumberger's guaranteed subsidiaries and Schlumberger Holdings.

The outlooks are stable.

"Schlumberger's industry leading technologies and dominant market position coupled with its conservative financial policies support the higher Aa3 rating through oilfield services cycles," Moody's senior vice president Pete Speer said in a news release. "The company's growing asset base and free cash flow generation also compares well to Aa3-rated peers in other industries."

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