EnergyWatch

Schlumberger suffers credit hit as oil clients stick to cuts

Oil service major Schlumberger saw its credit rating lowered by S&P Global as oil companies reduce their spending and thus scale down demand for oilfield services.

Schlumberger Ltd. had its debt rating lowered by S&P Global Inc. as belt-tightening in the US shale patch translates into less drilling and fracking work for the world's top oilfield services provider.

The rating was cut a notch to A+, the fifth-highest invest grade, from AA-, S&P said on Friday. Its biggest rival, Halliburton Co., had its outlook revised to negative from stable by the ratings firm. Under pressure from shareholders, exploration and production companies are keeping spending in check, which is reducing demand for oilfield services, S&P said.

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