Fitch revises ConocoPhillips to negative

Fitch Ratings said it affirmed ConocoPhillips’ issuer default rating and associated unsecured ratings at A and revised the outlook to negative from stable.

The agency also affirmed the company's short-term issuer default rating and commercial paper ratings at F1.

Roughly $22.56 billion of debt is affected by this action.

Fitch said the ratings reflect ConocoPhillips' size and scale as the largest North American independent following the spin-off of Phillips 66, with 2014 production of 1.54 million boepd, substantially larger than next largest independents such as Apache, OXY, Anadarko, or Devon.

The ratings are also supported by the company's high leverage to liquids (approximately 69% of consolidated reserves and 57% of production), good operational metrics, ample liquidity and adequate debt metrics for the rating category. At Dec. 31, ConocoPhillips' total debt edged up to $22.56 billion from $21.66 billion the year prior.

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