S&P assigns Apache notes A-

Standard & Poor's said it assigned its A- issue-level rating to Apache Corp.'s $800 million of senior unsecured notes, consisting of $400 million of 6% notes due 2013 and $400 million of 6.9% notes due 2018.

Proceeds will be used for general corporate purposes, the agency said, adding that the long-term corporate credit rating on Apache is A- and the short-term rating is A-2.

The outlook is stable.

"The ratings on Apache reflect the company's large, geographically diversified oil and gas reserve base, a competitive, full-cycle cost structure, favorable historical reserve replacement trends, and a modest financial risk profile," said S&P credit analyst Jeff Morrison.

"These strengths are partially tempered by periodic acquisitions, exposure to volatility in hydrocarbon prices, and its participation in a highly cyclical and capital-intensive industry."

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