S&P cuts Weatherford outlook

Standard & Poor's said it revised its outlook on Weatherford International Ltd. to negative from stable.

At the same time, the agency said it affirmed the BBB long-term corporate credit rating and the A-2 short-term rating on the company.

"The rating action reflects our view that anticipated improvement in the company's credit protection measures will likely be delayed relative to our prior expectations," said S&P credit analyst Lawrence A. Wilkinson in a news release.

"Weatherford's reliance on debt to finance growth over the past several quarters has slowed the pace of improvement in the company's credit metrics," Wilkinson said.

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