Fitch lowers ConocoPhillips, debt to A-

Fitch Ratings said it downgraded ConocoPhillips' long-term issuer default rating and associated unsecured ratings to A- from A.

The outlook remains negative.

The agency also downgraded the company's short-term issuer default rating and commercial paper ratings to F2 from F1.

The main driver of the downgrade is Fitch's downward revision of its energy price deck on Feb. 24 and its impact on ConocoPhillips' forecast credit metrics, including leverage and debt/boe metrics, which are now expected to be weak for the A rating category.

The current rating also reflects the company's large size and diverse upstream portfolio; high exposure to liquids; track record of defending the rating through asset sales and its recent dividend cut; good liquidity; and efficiency gains in its core shale plays, which provide good visibility on future reserve and production growth going forward, the agency said.

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