S&P: Halliburton unaffected

Standard & Poor's said reports that Pentagon auditors are questioning $212 million worth of billings from Halliburton Co.'s (BBB/stable/A-2) $2.5 billion contract with the Army Corps of Engineers to restore Iraq's energy sector have no affect on its ratings on the company.

S&P said the ratings on Halliburton already incorporate concerns about resolving disputes about performance under various contracts.

S&P said it expects solid financial and operating performance in oilfield services to improve the company's credit measures.

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