S&P affirms Anadarko

Standard & Poor's said it affirmed Anadarko Petroleum Corp.'s BBB- corporate credit rating following the company's recent $2.2 billion monetization of its midstream assets.

The outlook is stable.

"We view the transaction as neutral from a credit perspective," S&P credit analyst David Lundberg said in a written statement. "There is only limited cushion at the existing rating level. Adjusted debt remains high, and it appears that any further de-leveraging will proceed more slowly than we had previously anticipated."

Ratings reflect the company's large proved reserve base, geographic diversity and deep inventory of drilling locations, which should allow for mid-single-digit production growth, according to S&P.

These strengths are offset by the company's aggressive financial leverage, the agency said.

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