Fitch upgrades Anadarko

Fitch Ratings said it upgraded Anadarko Petroleum Corp.’s long-term issuer default rating, senior notes and senior credit facility to BBB from BBB- and Kerr-McGee Corp..’s issuer default rating and senior notes to BBB from BBB-. The outlook was revised to stable from positive.

In January, Anadarko remitted a final Tronox settlement payment of $5.2 billion. The agency said that uncertainty on ultimate liability and size of the cash payment had been a significant credit negative in previous reviews. Through the settlement payment, all claims have been resolved and the injunction is final and non-appealable. Resolution and completion of payment has significantly improved Anadarko's overall credit profile, in Fitch’s view.

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