S&P puts Kerr-McGee on watch

Standard & Poor's said it placed its BBB corporate credit rating on Kerr McGee Corp. on CreditWatch with negative implications.

The CreditWatch listing is based on the weak operating performance and metrics in 2004, uncertainty with respect to the strategic direction of the company, and Increasing business and financial risk associated with external pressures that may cause management to pursue actions that are not supportive of credit quality, the agency said.

S&P rates Kerr-McGee's senior unsecured debt BBB, subordinated debt BBB- and commercial paper A-3.

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