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Fitch puts Kerr-McGee on positive watch
Fitch Ratings said it has placed the ratings of Kerr-McGee Corp. on rating watch positive following the company's announcement that it has agreed to be acquired by Anadarko Petroleum Corp. Kerr-McGee ratings on watch include the long-term issuer default rating (IDR) at BB, senior unsecured credit facility at BB and senior unsecured notes at BB.
Fitch said the rating watch reflects the expectation that Kerr-McGee's existing $2.4 billion of debt will be taken out shortly after closing or guaranteed by Anadarko.
Fitch has concurrently placed the ratings of Anadarko on rating watch negative and anticipates the long-term IDR of Anadarko will remain investment-grade at closing.
Fitch currently rates Anadarko's long-term IDR at BBB+, senior unsecured debt at BBB+, bank credit facility at BBB+, preferred stock at BBB and commercial paper at F2.
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