Moody’s gives Chevron Phillips notes A2

Moody's Investors Service said it assigned an A2 rating to Chevron Phillips Chemical Co. LLC's new $700 million senior unsecured notes.

The outlook is stable.

The company anticipates using the proceeds for general corporate purposes.

Moody’s said the A2 issuer rating is supported by a diverse portfolio of petrochemical businesses, low-cost joint ventures with declining non-recourse debt, and strong credit metrics.

The rating assumes that management will maintain strong credit metrics despite some headwinds from lower oil prices and added balance sheet debt from an unsecured debt offerings in mid-2015 and late 2016.

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