S&P: Halliburton ratings unaffected by settlement

Standard & Poor's said Thursday that Halliburton Co.'s (BBB/Watch developing/A-3) announcement that it has reached a comprehensive agreement to settle its insurance claims against certain underwriters at Lloyd's of London, reinsured by Equitas, does not affect the rating on Halliburton.

As a result of the settlement, Halliburton will be paid $575 million, representing about 60% of those claims for that insurer. Halliburton's claims against its London Market Co. insurers are not affected by this settlement.

The settlement will resolve all asbestos-related claims made against Lloyd's underwriters by Halliburton and by each of Halliburton's subsidiary and affiliated companies that have filed Chapter 11 bankruptcy proceedings as part of Halliburton's global asbestos settlement.

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