S&P puts Halliburton on CreditWatch developing

Standard & Poor's said it affirmed its BBB corporate credit rating on Halliburton Co. and revised its CreditWatch implications to developing from negative following the Chapter 11 bankruptcy filing of DII Industries LLC, Kellogg Brown & Root, and other subsidiaries.

The prepackaged bankruptcy filing is related to the company's settlement with asbestos and silica claimants outlined in December 2002.

S&P said Halliburton's ratings will remain on CreditWatch until the company has concluded its settlement process. S&P will resolve the CreditWatch listing when Halliburton is granted a final and non-appealable court order discharging the company and its subsidiaries from its present and future asbestos- and silica-related liabilities.

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