Moody's may cut Kerr-McGee

Moody's Investors Service said it placed the debt ratings of Kerr-McGee Corp. (Baa3 senior unsecured) under review for possible downgrade.

This action reflects the recent announcement that investor Carl Icahn filed to purchase up to $1 billion of the company's stock.

Moody's believes that aspects of Kerr-McGee's fundamental credit profile are improving. However, the presence of Icahn as a significant shareholder introduces material event risk that could lead to a ratings downgrade, the agency said.

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