Superior Energy Services Inc. (fka SPNR)

[Timothy Smith]

Oil field service provider Superior Energy Service also joined the ranks of the investment grade, seeing its credit rating rise to BBB-. Superior recently bought Complete Production Services for a transaction value of $2.9 billion.

The acquisition of Complete gave Superior greater geographic diversity, allowing to continue to take advantage of increased demand for coiled tubing, S&P noted. The credit rating agency expects Superior to maintain its “positive operating momentum and the credit measures appropriate for the new category.”