Moody's: Anadarko view to developing

Moody's Investors Service said it changed Anadarko Petroleum Corp.'s rating outlook to developing from positive.

The agency also affirmed Anadarko's Baa3 senior unsecured ratings and those of its guaranteed subsidiaries, including Kerr-McGee Corp. and Union Pacific Resources.

The Baa3 senior unsecured ratings and stable outlook of Western Gas Partners were not affected by this action, which follows the Dec. 12 release of an interim Memorandum of Opinion by the U.S. Bankruptcy Court for the Southern District of New York regarding the Tronox litigation.

"The adverse opinion rendered by the U.S. Bankruptcy Court introduces a higher potential range of loss for Anadarko from the Tronox litigation than we were expecting," Moody's vice president Pete Speer said in a news release.

"The developing outlook recognizes the wide range of potential outcomes for the court's final judgment, which will be an important marker for revising our estimate of the likely range of loss and how that will affect the direction of Anadarko's ratings."

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