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S&P affirms Seitel; outlook developing
Standard & Poor's said it affirmed its CCC corporate credit rating on Seitel Inc. while it revised the outlook to developing from negative.
"The developing outlook on Seitel is based on its improved operating levels and better financial measures for the second half of 2009 compared with the first half of 2009," said S&P credit analyst Amy Eddy.
In the second half of 2009 Seitel posted cash EBITDA of $24.3 million, compared with $8.5 million in the first half of 2009, the agency said.
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