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Fitch rates Anadarko notes BBB
Fitch Ratings said it assigned a BBB rating to Anadarko Petroleum Corp.’s issuance of senior unsecured amortizing notes.
Fitch also said it affirmed the company’s long-term issuer default rating at BBB, senior unsecured notes at BBB, senior unsecured credit facility rating at BBB, short-term issuer default rating at F2 and commercial-paper rating at F2.
The agency also said it affirmed Kerr-McGee, Inc.’s issuer default rating at BBB and senior unsecured notes at BBB.
The outlook is stable.
The $325 million tangible equity unit offering consists of a $70 million amortizing note and a $255 million equity purchase contract, Fitch said.
Anadarko Petroleum has consistently generated positive full-cycle netbacks through a combination of good operating cost control and competitive finding and development costs, the agency said.
But, full-cycle returns could be challenged in 2015 due to the combination of lower oil and natural gas prices, Fitch said.
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