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Moody's lowers its outlook on Halliburton (HAL +3.7%) to negative from stable while affirming an...

Moody's lowers its outlook on Halliburton (HAL +3.7%) to negative from stable while affirming an A2 credit rating after the oilfield services company unveiled plans to launch a modified Dutch auction tender for up to $3.3B of its stock. The ratings agency views HAL's increased buybacks as aggressive given the cyclicality of its earnings; the tender offer effectively targets to repurchase 10% of outstanding shares.
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  • DAG Investments
    , contributor
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    Wasn't it Moody's who just last month admitted that their ratings go to the highest bidder and are, therefore, basically meaningless? If so, this timely rating change has BP donation to the Moody's Christmas fund written all over it. lol
    26 Jul 2013, 04:14 PM Reply Like
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