Fitch gives ConocoPhillips notes A

Fitch Ratings said it assigned an A to ConocoPhillips Corp.'s proposed issuance of up to $1.5 billion in senior unsecured five-, 10- and 30-year notes.

Net proceeds from the offering will be used to refinance existing commercial paper balances and for general corporate purposes, the agency said.

According to Fitch, ConocoPhillips' current ratings are as follows: issuer default rating A, senior unsecured notes A, bank revolver A and term loan A.

The outlook is stable.

At the end of first-quarter 2008, ConocoPhillips' total balance sheet debt had decreased to $21.5 billion, down one-third from the $31.8 billion seen following the Burlington Resources acquisition, the agency said.

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