Moody's lifts OxyMar from junk

Moody's Investors Service said it upgraded the senior unsecured ratings for OxyMar to Baa1 from Ba2 as a result of Occidental's assumption of Marubeni's guarantee of OxyMar's debt.

Under the terms of the OxyMar joint venture, Moody's said Marubeni had the right to put its interest in OxyMar to Occidental by making a cash payment to Oxy.

Marubeni exercised this option and the transfer was closed in April, resulting in Oxy assuming Marubeni's guarantee of OxyMar's debt.

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