S&P gives Chevron USA notes AA

S&P said it assigned Chevron USA Inc.’s senior unsecured exchange notes an AA rating. The notes will be exchanged for certain notes of Chevron Corp.’s newly acquired subsidiary Noble Energy Inc. Chevron will guarantee the notes.

Concurrently, Chevron is soliciting the consent of the holders of the Noble notes for certain amendments to the indentures.

Chevron’s issuer credit rating and the issue-level rating on its senior unsecured debt are unaffected by this transaction, S&P said.

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