S&P: Anadarko on positive watch

Standard & Poor's said it placed its BBB- corporate credit rating on Anadarko Petroleum Corp. on CreditWatch with positive implications.

The positive CreditWatch placement follows Anadarko's announcement that it has settled its long-running Tronox adversary proceeding to resolve all claims stemming from subsidiary Kerr McGee Corp.'s alleged actions before its acquisition by Anadarko in 2006.

The settlement will result in a complete release of all claims against Kerr McGee and provides protection from third parties seeking reimbursement for potential environmental liabilities at more than 4,000 sites.

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