Moody's turns Apache's outlook to stable

Moody's Investors Service said it changed Apache Corp.'s outlook to stable from negative and affirmed Apache's Ba1 corporate family rating, Ba1-PD probability of default rating and Ba1 senior unsecured notes rating. The company's speculative grade liquidity rating remains SGL-1.

This rating action follows Apache’s completion of a tender offer repurchasing about $1.7 billion of senior notes, the agency said.

"Apache's substantial debt reduction achieved with its tender offer and increased flexibility to further reduce debt through free cash flow greatly enhanced its resilience to future oil and gas price volatility," commented Pete Speer, a Moody's senior vice president, in a press release.

"This also gives the company more flexibility to boost capital investments to sustaining levels and thereby stabilize production and reserves," Speer added.

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