Moody's: Kerr-McGee outlook negative

Moody's Investors Service said it affirmed the debt ratings of Kerr-McGee Corp. (Baa3 senior unsecured) and changed the outlook to negative from stable.

Moody's said the change in outlook was prompted by certain operating and financial results in 2003 that did not meet Moody's stated expectations which were derived directly from management's projections. Moody's action also considers the company's strategy and near-term opportunities to address several of the issues contributing to the outlook change.

Ratings affirmed include Kerr-McGee's senior unsecured notes, medium-term notes, and debentures at Baa3; its convertible subordinated debentures at Ba1; its bank debt at Baa3; its shelf registration for senior unsecured securities at prospective Baa3; its subordinated shelf at prospective Ba1, and its preferred stock shelf at prospective Ba2.

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