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Article: S&P Cuts Debt Rating for Dailey International.
- Article from:
- The Oil Daily
- Article date:
- August 21, 1998
- Author:
CopyrightCOPYRIGHT 1998 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Dailey International Inc. got more bad news Thursday as Standard & Poor's Corp. (S&P) lowered the Texas company's corporate credit and senior debt rating to single B-minus from the previous single B.
The action follows two poor financial quarters and the resignation Wednesday of James F. Farr as president and chief executive of the service company, which is based in Conroe, just outside Houston.
No official reason has yet been given for Farr's stepping down. Company insiders said it was his "personal decision," but Farr still could not be reached for comment by press time Thursday (TOD, 8-20-98, p.7).
In lowering Dailey's ratings, S&P officials noted ...