S&P affirms Kerr-McGee, off watch

Standard & Poor's said it affirmed its BB+ senior secured debt, senior unsecured debt and long-term corporate credit ratings on Kerr-McGee Corp. and removed the rating from CreditWatch with negative implications.

The agency also said it affirmed its B short-term corporate credit rating on the company. The short-term rating was not on CreditWatch.

The outlook is negative.

S&P said the actions are based on the completion of management's actions to address shareholder concerns from the dissatisfied shareholder group led by Carl Icahn and JANA Partners.

The rating on Kerr-McGee reflects its highly leveraged financial profile that outweighs a good business position, attractive prospects and favorable near-term fundamentals in the cyclical, volatile exploration and production segment of the oil and gas industry, S&P added.

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