Moody’s revises ConocoPhillips to negative

Moody's Investors Service said it changed ConocoPhillips' (COP) outlook to negative from stable.

At the same time, the agency affirmed COP's senior unsecured and other long-term debt ratings at A1 and affirmed the Prime-1 short-term commercial paper ratings of ConocoPhillips and ConocoPhillips Qatar Funding Ltd.

Ratings affirmed include the long-term debt ratings of ConocoPhillips, ConocoPhillips Co., ConocoPhillips Canada Resources Ltd., ConocoPhillips Canada Funding Co. I and II, Tosco Corp., Burlington Resources and Louisiana Land and Exploration.

"The negative rating outlook reflects the expectation that COP's debt balances will rise over the next two years, leading to leverage in excess of targets for its A1 rating," Moody's vice president Gretchen French said in a news release. "There is uncertainty to the amount and durability of increased debt, which will primarily be a function of realized oil and natural gas prices and COP's capital discipline and ability to achieve its production growth targets."

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