Fitch turns Occidental view to positive

Fitch Ratings said it changed the outlook to positive from stable and affirmed the long-term issuer default rating of Occidental Petroleum Corp. at BB, and senior unsecured notes and revolver at BB/RR4.

“The main driver for the positive outlook is the company's accelerated debt reduction of approximately $4.5 billion year to date, most of which was completed in the third quarter, as well as strong FCF prospects, which should provide funding for additional de-leveraging,” Fitch said in a press release.

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