Stallion Oilfield ratings affirmed on deferred public offering - S&P

MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services affirmed its ratings on Stallion Oilfield Services Ltd, after the company said it will defer its public offering, and will use proceeds from the new senior unsecured bridge facility to partially fund its 360 mln usd acquisitions, expected to close in the second and third quarter.

S&P has a 'B' corporate credit rating on Stallion Oilfield.

S&P also assigned a 'CCC+' unsecured rating to the company's proposed 250 mln usd senior unsecured bridge facility.

The ratings underpin Stallion's risks associated with a highly leveraged financial risk profile, an acquisitive growth strategy, a short operating track record and participation in the historically cyclical North American oilfield services markets, S&P added. [e-mail] ypv/ejp COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.