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S&P affirms Anadarko Petroleum
Standard & Poor's said it affirmed the BBB- corporate credit rating on Anadarko Petroleum Corp. following the company's offshore property sales and the agency's review of the company's 2007 reserve replacement and finding and development costs. Sale proceeds are expected to be used to repay debt.
The outlook is stable.
Ratings reflect the company's large proved reserve base, geographic diversity with strategic positions in the Rocky Mountains and deepwater Gulf of Mexico and deep inventory of drilling locations, the agency said.
The strengths are offset by the company's aggressive, albeit improved, financial leverage measures and its exposure to commodity prices, S&P said.
At year-end 2007, the issuer's debt-per-EBITDA ratio was 2.2 times.
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