S&P rates Occidental notes A

S&P said it assigned an A rating to Occidental Petroleum Corp.’s senior unsecured debt offering.

“We are also placing the rating on the new debt on CreditWatch with negative implications. We expect the proceeds of the offering to fund a portion of the purchase price of the company’s planned acquisition of Anadarko Petroleum Corp.,” S&P said in a press release.

Occidental’s A rating is unchanged and remains on CreditWatch negative.

“We expect to lower the issuer credit and unsecured issue-level ratings by a likely three notches to BBB when the Anadarko acquisition closes, which we expect to occur by the end of the third quarter,” S&P said.

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