S&P ups Complete Production

Standard & Poor's said it raised its corporate credit rating on Complete Production Services Inc. to BB+ from BB- and removed them from CreditWatch with positive implications, where they were placed on Oct. 12. The outlook is positive.

Subsequent to the upgrade, S&P said it withdrew the corporate credit rating on Complete.

At the same time the agency said it raised the senior unsecured debt rating on Complete to BB+. The recovery rating is 3.

"As a result of Superior Energy Services Inc.'s completed acquisition of Complete Production Services on Feb. 8, we have raised the corporate credit and senior unsecured ratings on Complete to the same level as Superior to reflect the new ownership," said S&P credit analyst Paul Harvey in a news release.

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