Fitch cuts BHP Billiton

Fitch Ratings said it downgraded BHP Billiton plc's long-term issuer default rating and senior unsecured ratings to A from A+.

The outlook is stable.

The hybrid notes were downgraded to BBB+ from A-.

“The downgrade reflects lower diversification from oil & gas earnings following the anticipated disposal of U.S. onshore shale assets,” the agency said in a news release.

“The rating also takes into account BHP's transparent capital allocation process with a net debt target in the range of $10 billion-$15 billion.”

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