S&P upgrades Hercules' credit rating

NEW YORK --Standard and Poor's Ratings Services on Friday raised its corporate credit rating on Hercules Offshore Inc., operator of a fleet of jackup drilling rigs and liftboats.

The credit-rating agency boosted its rating to "BB-" from "B," with a stable outlook on its long-term issuer credit rating. S&P also removed Hercules' ratings from CreditWatch with positive implications.

Standard & Poor's said it sees favorable near-term market conditions and revenue visibility for the company, which should help it cut debt over the next 12 to 18 months.

Hercules in March agreed to acquire rival Todco in a $2.3 billion deal, which has already passed federal regulatory antitrust scrutiny.

Shares slipped 45 cents to close at $33.24.