S&P ups Chart, Superior Energy

Standard & Poor's said that following an industry review, it took several rating actions on companies in the oil & gas service sector, adding that the review was prompted by its view that healthy industry conditions will likely remain for the near to medium term.

The agency said it raised the corporate credit rating on Chart Industries Inc. to BB- from B+, its senior secured rating to BB+ from BB and its subordinated debt rating to B+ from B. The outlook is stable.

The upgrade reflects continued strong operating performance, a significant reduction in leverage and expectations for solid results to persist over the near term given the company's backlog, S&P noted.

S&P said it also raised Superior Energy Services Inc. corporate credit and senior unsecured ratings to BB+ from BB. The outlook is stable.

The upgrade was based on Superior's strong operating performance, geographic diversity, decreased commodity exposure following the divestiture of the company's 75% interest in SPN Resources and strong financial metrics, the agency said.

S&P added that it revised its outlook on Global Geophysical Services Inc. to positive from stable. At the same time, the agency said it affirmed its B- corporate credit rating, noting that the outlook revision reflects the company's improved operating performance and financial metrics and its expectations that the industry fundamentals will continue to be strong in the near term.

The agency noted that it also revised its outlook on Stewart & Stevenson LLC to positive from stable. In addition, the agency said it affirmed its B corporate credit rating.

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