S&P cuts Weatherford

Standard & Poor's said it lowered its corporate credit rating on Weatherford International Ltd. to BBB- from BBB.

At the same time the agency said it lowered the short-term ratings on the company to A-3 from A-2. The outlook is stable.

"The rating action reflects our view that the company's credit protection measures are likely to improve at a slower pace than that which we had previously expected," said S&P credit analyst Lawrence Wilkinson in a news release.

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