S&P upgrades Seitel notes to B

Standard & Poor's said it raised the corporate credit rating on Seitel Inc. to B from B-.

The outlook is stable.

At the same time, S&P raised the issue rating on Seitel's senior unsecured notes to B from B-. The recovery rating on this debt issue remains unchanged at 3, indicating the expectation for meaningful (50% to 70%) recovery in the event of a default.

"The rating on Seitel reflects our assessment of the company's 'vulnerable' business risk and 'aggressive' financial risk," S&P credit analyst Carin Dehne-Kiley said in a news release.

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