S&P: BJ Services unaffected

Standard & Poor's said its ratings on BJ Services Co. (BBB+/stable/--) would not be immediately affected by the company's announcement that it expects to further delay its Form 10-K filing for the fiscal year ended Sept. 30.

S&P said the delay is caused by an ongoing investigation of various internal control issues. BJ Services' will violate requirements in its credit agreements that stipulate the submission of year-end reports within specified time periods.

However, S&P said the company has no borrowings under its credit facility and has cash and short-term investments of nearly $650 million that exceed the company's outstanding debt of about $500 million.

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