Moody's cuts Anadarko view to negative, debt to Baa2

Moody's Investors Service said it downgraded the senior unsecured debt of Anadarko Petroleum Corp. to Baa2 from Baa1 and assigned a negative outlook on the rating.

The Prime-2 commercial paper rating was confirmed. The Ba2 securities ratings of Kerr-McGee Corp. remain under review pending clarification of whether Anadarko intends to support the debt.

The downgrade of Anadarko's senior unsecured ratings to Baa2 and negative outlook reflect the high level of debt incurred in the acquisition of Kerr-McGee and Western Gas Resources and a view that post-acquisition leverage could remain elevated even after Anadarko proceeds with its de-leveraging strategy, the agency said.

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