Moody’s changes ConocoPhillips view

Moody’s Investors Service said it changed ConocoPhillips' outlook to positive from stable and affirmed the company's Baa1 issuer and senior unsecured ratings, as well as all the other debt ratings at various guaranteed subsidiaries.

Moody's also affirmed the Prime-2 short-term commercial paper ratings of ConocoPhillips and ConocoPhillips Qatar Funding Ltd.

"The positive outlook reflects COP's significant progress towards debt reduction, lowering its cost structure and improving overall financial flexibility that should enable healthier margins and returns and a more defensible credit profile," Sajjad Alam, Moody's senior analyst, said in a news release.

"Since year-end 2016, the company has repaid roughly $10 billion of debt, divested over $16 billion of low margin assets, aggressively slashed operating and capital costs, and consistently generated free cash flow.”

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