S&P puts Occidental Petroleum on watch

S&P said it placed its ratings on Occidental Petroleum Corp. (Oxy), including the A issuer credit rating, A-1 short-term issuer credit rating and A senior unsecured ratings, on CreditWatch with negative implications.

The rating reflects the likelihood that debt leverage would exceed S&P’s expectations for the rating following the close of the company’s acquisition of Anadarko Petroleum Corp., S&P said.

“The negative CreditWatch listing reflects the potential that we could lower ratings on Oxy following the close of its proposed acquisition of Anadarko,” S&P said in a news release.

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