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S&P keeps Anadarko on negative watch
Standard & Poor's said Anadarko Petroleum Corp.'s BBB+ corporate credit rating, BBB+ senior unsecured debt rating, BBB- preferred stock and A-2 commercial paper remain on CreditWatch with negative implications following the company's announcement that it had completed its acquisition of Kerr-McGee Corp.
The purchase price of about $17 billion includes existing debt at the acquired companies, net of cash on hand and proceeds from pending Kerr-McGee asset divestitures.
Ratings on Kerr-McGee and Western Gas Resources Inc., also being acquired by Anadarko, remain on CreditWatch with positive implications.
S&P said that it will resolve the CreditWatch listing within 60 days and that it expects Anadarko's ratings to remain investment grade. The agency will meet with Anadarko's management to assess the company's permanent financing plans for the acquisitions, timing of debt and equity issuance, the scale, timing, and identity of asset sales and integration of the acquired companies' operations into Anadarko.
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