TEXT-S&P release on Cameron International

(The following statement was released by the rating agency)

June 24 - Standard & Poor's Ratings Services today affirmed the 'BBB+'
corporate credit rating on Cameron International Corp. (CAM.N: Quote, Profile, Research) The outlook is
stable. At the same time, we assigned 'BBB+' issue-level rating to Cameron's
$750 million in new senior unsecured notes, which consists of $450 million
6.375% senior unsecured notes due 2018 and $300 million 7% senior unsecured
notes due 2038. Proceeds from the offering will be used for general corporate
purposes to include acquisitions, potential repurchases and conversions of
common stock and convertible debt securities, capital expenditures, and debt
refinancing.

"The affirmation reflects our view that credit measures will remain in
line with expectations for the current 'BBB+' rating after completing the new
notes offering--with pro forma adjusted debt to EBITDA remaining below 1.75x,"
said Standard & Poor's credit analyst Jeff Morrison.

In addition, we view a favorable industry outlook, solid free cash flow
prospects, and healthy backlog as constructive for Cameron's credit quality.

Pro forma the new note offering, Houston-based Cameron will have just
more than $1.6 billion in total adjusted debt, including Standard & Poor's
analytical adjustments for operating leases and postretirement obligations.

The rating on Cameron reflects the company's solid competitive position
as a large manufacturer and supplier of pressure control equipment and
services to the oil and gas industry, and a geographically diverse base of
operations. The rating is also supported by a consistent track record of free
cash flow; a meaningful base of aftermarket sales, which reduces some exposure
to industry cyclicality; and a modest financial risk profile. Exposure to
historically competitive and cyclical end markets and an acquisitive growth
strategy partially temper these credit strengths.

Complete ratings information is available to subscribers of
RatingsDirect, the real-time Web-based source for Standard & Poor's credit
ratings, research, and risk analysis, at www.ratingsdirect.com. All ratings
affected by this rating action can be found on Standard & Poor's public Web
site at www.standardandpoors.com; select your preferred country or region,
then Ratings in the left navigation bar, followed by Credit Ratings Search.
(New York Ratings Team)