S&P assigns Occidental notes BB-

S&P said it assigned a BB- rating to Occidental Petroleum Corp.’s planned senior unsecured notes.

The notes’ recovery rating is 3, indicating an expectation for meaningful (50%-70%; rounded estimate: 55%) recovery of principal for creditors in default.

Proceeds are expected to be used to repay near-term debt maturities further and for general corporate purposes.

The BB- issuer credit rating on Occidental is unchanged with a negative outlook, S&P said.

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