Moody’s rates Occidental notes Ba2

Moody’s Investors Service said it assigned a Ba2 rating to Occidental Petroleum Corp.’s (OXY) proposed issuance of senior unsecured notes.

“The Ba2 rating assigned to OXY’s proposed unsecured notes issue is the same as OXY’s Ba2 CFR, reflecting the company’s unsecured capital structure,” Moody’s said in a press release.

OXY’s ratings, including its Ba2 corporate family and Ba2 senior unsecured ratings are not affected by this action, the agency said. The speculative grade liquidity rating is unchanged at SGL-3.

OXY will use the proceeds to refinance upcoming debt maturities.

The outlook is negative.

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