CALGARY, May 14, 2012 /PRNewswire/ - Flint Energy Services Ltd. (TSX: FES) announces that Standard and Poor's Ratings Services has upgraded its credit rating in respect of Flint's 7.5% Senior Notes due 2019 (the "Notes") to BBB- and Moody's Investors Service has also upgraded its credit rating in respect of the Notes to Baa3.
The ratings upgrade follows the acquisition by URS Corporation, through a wholly-owned subsidiary, of all of the issued and outstanding common shares of Flint. In connection with the acquisition, URS Corporation and certain of its subsidiaries provided guarantees in respect of the Notes, which has resulted in the ratings upgrade. In addition, as Flint is now a wholly-owned subsidiary of URS Corporation, Flint's corporate credit ratings have been removed.
Flint Energy Services Ltd. is a leading service company providing an expanding range of integrated products and services for the oil and gas industry including: production services; infrastructure construction; oilfield transportation; and maintenance services. With approximately 10,000 employees, Flint provides this unique breadth of products and services through over 80 strategic locations in the oil and gas producing areas of Western North America, from Inuvik in the Northwest Territories to Mission, Texas on the Mexican border. Flint is a preferred provider of infrastructure construction management, module fabrication, maintenance services for upgrading, and production facilities in Alberta's oil sands sector.
URS Corporation (NYSE: URS) is a leading provider of engineering, construction and technical services for public agencies and private sector companies around the world. The Company offers a full range of program management; planning, design and engineering; systems engineering and technical assistance; construction and construction management; operations and maintenance; information technology; and decommissioning and closure services. URS provides services for power, infrastructure, industrial, oil and gas, and federal projects and programs. Headquartered in San Francisco, URS Corporation has approximately 56,000 employees in a network of offices in nearly 50 countries (www.urs.com).
SOURCE Flint Energy Services Ltd.