Moody’s revises Noble Energy view to stable

Moody’s Investors Service said it revised the outlook for Noble Energy Inc. to stable from under review and confirmed the senior unsecured notes rating at Baa3.

This action follows Chevron Corp.'s offer to exchange new senior notes issued by its wholly owned subsidiary, Chevron U.S.A. Inc., for substantially all of Noble Energy's outstanding notes. Chevron guarantees the notes, the agency said.

Following the completion of the debt exchange, the ratings for any Noble Energy notes offered in the exchange that remain outstanding will likely be withdrawn. This substantially concludes the review started on July 20, the agency said.

“Noble Energy's 7.25% senior notes due 2097 (2097 notes) were not included in Chevron's exchange offer. About $84 million principal amount of the 2097 notes are outstanding, representing less than 2% of Noble Energy's total senior unsecured notes outstanding. These 2097 notes remain on review for upgrade pending the company publicly disclosing its intentions for these notes,” Moody’s said in a press release.

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