S&P: Halliburton unaffected

The Pentagon suspended $159.5 million in payments for meal charges submitted by a unit of Halliburton Co. (BBB/Watch developing/A-3) as it continued to audit bills for feeding soldiers in Iraq and Kuwait.

The Defense Contract Audit Agency cited concerns about the company's billing system for all its Iraq-related contracts, characterizing the system as inadequate.

Standard & Poor's said it views the Pentagon's announcement as an unfavorable development for Halliburton's credit quality, but noted that this an ongoing issue that is not expected to be resolved in the near term and, therefore, has no immediate impact on the ratings.

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