Moody's lifts Apache to investment grade

Moody's Investors Service said it upgraded the senior unsecured ratings of Apache Corp. to Baa3 from Ba1. Concurrently, Moody's withdrew Apache's Ba1 corporate family rating, Ba1-PD probability of default rating and SGL-1 speculative grade liquidity rating.

"Apache's ongoing debt reduction efforts have improved its balance sheet strength and financial flexibility," stated James Wilkins, a Moody's vice president, in a press release. "The company has a sizable and diverse asset base which will provide ample development opportunities to support sustainable growth in production and reserves."

The agency noted Apache and its parent APA Corp. shaved $2.9 billion of its debt since 2020.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.