Fitch gives ConocoPhillips notes A

Fitch Ratings said it has assigned an A rating to ConocoPhillips' issuance of $3 billion in senior unsecured notes.

The agency noted that it will be used primarily to refinance existing commercial paper balances, as well as for general corporate purposes and are expected to result in no increase in ConocoPhillips' current debt levels.

Total debt at the company at the end of the 2009 first quarter stood at about $29.4 billion versus just $22.1 billion seen in the third quarter of 2008, the agency added.

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