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S&P expects to take Halliburton off watch developing
Standard & Poor's said Halliburton Co. (BBB/Watch Developing/A-3) completed the funding of the asbestos and silica settlements for its subsidiaries that had filed chapter 11 proceedings. Halliburton paid the final cash installment of the $2.775 billion used to fund the trusts for the benefit of current asbestos and silica claimants.
S&P said this is a favorable development for Halliburton's credit quality, and now that the trusts have been funded, S&P said it anticipates resolving the CreditWatch listing for Halliburton in the near term.
The CreditWatch resolution will consider the subpar operating performance of the KBR business unit, concerns associated with various ongoing investigations by the Securities and Exchange Commission and U.S. Justice Department, as well as the benefits to Halliburton's financial profile, according to S&P.
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