S&P rates ConocoPhillips notes A

Standard & Poor's said it affirmed ConocoPhillips and assigned an A rating to $6 billion in new senior unsecured notes.

The outlook is stable.

"The affirmation reflects our expectation that management will prudently manage its capital spending program, liquidity, and debt levels in 2009 given a more difficult outlook for its upstream and downstream operations," S&P analyst Jeffrey Morrison said in a statement.

Proceeds will be used to refinance outstanding commercial paper and for general corporate purposes.

Ratings reflect the company's large and diversified portfolio of oil and gas reserves and its complex and extensive refining operations, the agency said.

Strengths are partially tempered by the inherent cash flow volatility related to exposure to hydrocarbon prices and refining margins, a history of acquisitive growth and increasing debt levels over recent periods, the agency noted.

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