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Fitch rates Hess notes BBB
Fitch Ratings said it affirmed the issuer default rating for Hess Corp. at BBB and assigned a BBB rating to the proposed 30-year senior unsecured notes.
The outlook remains stable.
Proceeds will be used to refinance $662 million face value of 6.65% senior unsecured notes coming due in August 2011.
Ratings reflect the company's strong operational performance combined with its robust financial profile, the agency said.
Hess has a debt-to-EBITDAX ratio of about 1x.
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