Fitch boosts Occidental

Fitch Ratings said it upgraded the long-term issuer default rating of Occidental Petroleum Corp. (OXY) to BB+ from BB and upgraded OXY's senior unsecured notes and revolver to BB+/RR4 from BB/RR4. Fitch also revised the outlook to stable from positive.

“The main driver for the upgrade is the progress made YTD reducing debt, including the recently completed debt tender. Pro forma for the tender, OXY reduced its balance sheet debt by $6.4 billion in 2021, and Fitch believes additional debt reductions are likely in the near term,” the agency said in a press release.

Fitch noted OXY’s tender in the fourth quarter hit $1.54 billion, which was under the $2 billion offer limit, but sees the company as having a “strong line of sight on additional, economical debt reductions in the near term.”

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