Fitch affirms Hess

Fitch Ratings said it affirmed Hess Corp.'s issuer default rating at BBB.

The outlook is stable.

Hess' ratings are supported by the company's high exposure to liquids in the upstream, solid reserve growth and conservative debt balances, the agency said.

The company also enjoys a modest level of diversification through its marketing and refining, the agency noted.

Concerns include high capital expenditures, recent challenges in the upstream, higher asset retirement obligations and the possibility of additional (albeit limited) sponsor support for the Hovensa JV, Fitch said.

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