Fitch gives Occidental bonds BB

Fitch Ratings said it assigned a BB/RR4 rating to Occidental Petroleum Corp.’s (OXY) proposed issuance of senior unsecured notes. The company’s issuer default rating is BB.

Proceeds will be used repay debt.

Concurrent with the offering, OXY plans to launch a cash tender for several near-term maturities, including its remaining 2021 2.6% notes, various 2022 maturities (2.6%, 2.7%, 3.125% and floating-rate notes), and 2.7% 2023 notes, subject to a cap.

The new notes will be issued under company’s August 2019 indenture.

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