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Prospect News home > News index > List of issuers M > Headlines for Mariner Energy, Inc. > News item |
Moody's might upgrade Mariner
Moody's Investors Service said it affirmed Apache Corp.'s A3 senior unsecured ratings and prime-2 commercial paper rating following news that it will acquire Mariner Energy, Inc. in a $3.9 billion transaction. The outlook is stable.
Moody's also said it placed Mariner's B2 corporate family rating and B3 senior note ratings under review for upgrade.
The acquisition marks Apache's first large-scale entry into the Gulf of Mexico deep waters and it adds to Apache's existing holdings in the gulf's shallow water and the Permian Basin, Moody's said.
The ratings are supported by Apache's sound capital reinvestment performance, large scale and wide diversification by geography, the agency said.
The review for possible upgrade for Mariner's ratings reflects the improved credit profile of Mariner debt if the merger closes.
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