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Fitch: ConocoPhillips notes A
Fitch Ratings said it assigned an A rating to ConocoPhillips’ proposed issuance of senior unsecured fixed- and floating-rate notes.
The notes will be issued by ConocoPhillips Co. and guaranteed by ConocoPhillips.
ConocoPhillips also has an issuer default rating of A, senior unsecured notes rating of A, bank revolver rating of A, commercial-paper program rating of F1 and short-term issuer default rating of F1.
ConocoPhillips Qatar Funding has an commercial-paper rating of F1 and short-term issuer default rating of F1.
ConocoPhillips Co. has an issuer default rating of A and an A rating on its senior notes. ConocoPhillips Canada Funding Co. I has an A rating on its senior unsecured notes and ConocoPhillips Canada Funding Co. II has an A rating on its senior unsecured notes.
Burlington Resources has an A senior unsecured rating and Polar Tankers, Inc. has an issuer default rating of A and senior unsecured notes rating of A.
The proceeds will be used for general corporate purposes.
The ratings reflect the company’s size and scale as the largest North American independent oil producer following the spin-off of Phillips 66, Fitch said.
The ratings also are supported by the company’s high leverage to liquids, good operational metrics, ample liquidity and adequate debt metrics, the agency said.
Credit concerns center on the company’s relatively aggressive shareholder distributions, cash flow stresses that prolonged lower oil prices and execution risk associated with reaching its long-term cash margin and volume targets, Fitch said.
Lower oil prices also are likely to make asset sales more difficult as an interim funding source, the agency said.
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