Fitch to give A to Occidental notes

Fitch Ratings said it expects assign an A rating to Occidental Petroleum Corp.'s senior unsecured notes.

Proceeds from the notes, which are anticipated to mature in 2022, 2026 and 2046, will be used to refinance the $750 million 4.125% senior notes due June 2016 and $1.25 billion 1.75% senior notes due February 2017, and for general corporate purposes.

Fitch said the ratings reflect Occidental’s large size, diverse resource base, conservatively managed balance sheet, strong bridge liquidity, favorable operational track record, and significant exposure to liquids (about 76% of 2015 production and 74% of reserves).

The company also enjoys modest integration benefits from its chemicals and midstream segment, and low geological risk, stemming from its enhanced oil recovery business, the agency said.

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