NEW YORK (TheStreet) -- Shares of Key Energy Services Inc.  (KEG) are plunging -11.71% to $7.39 after it said late Thursday it expects to report a second quarter loss in the range of 35 cents to 38 cents.

Key will record a $30 million to $35 million pre-tax charge for goodwill and other assets impairments related to its operations in Russia. 

Also, pre-tax expenses of $5 million were incurred in connection with the Foreign Corrupt Practices Act investigations.

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Additionally, Key expects its consolidated revenue in the second quarter to be down approximately 2% compared to the first quarter 2014.

Separately, TheStreet Ratings team rates KEY ENERGY SERVICES INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate KEY ENERGY SERVICES INC (KEG) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."

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