S&P boosts Kerr McGee from junk

Standard & Poor's said it raised its corporate credit and senior unsecured debt ratings on Kerr McGee Corp. to BBB- from BB+ and removed the ratings from CreditWatch with positive implications.

The rating action reflects Anadarko Petroleum Corp.'s (BBB-/stable/A-3) guarantee of Kerr McGee's debt, following its acquisition of Kerr McGee on Aug. 15, the agency said.

The outlook is stable.

The agency noted that the ratings on Anadarko reflect its strong business risk profile, enhanced by recent acquisitions that have upgraded its exploration inventory and large, competitive positions in the U.S. Rocky Mountain and the deepwater Gulf of Mexico.

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