Moody's: Anadarko view stable

Moody's Investors Service said it changed the outlook for Anadarko Petroleum Corp.'s Baa3 senior unsecured long-term debt to stable from negative.

The outlook reflects Anadarko's progress in reducing debt and re-positioning its asset base following the 2006 acquisitions of Kerr-McGee Corp. and Western Gas Resources, in gradually moving to a more a competitive cost structure and the expectation that the company will continue to de-lever in 2008 and beyond, according to the agency.

Moody's noted that Anadarko's financial leverage remains elevated both on a nominal and adjusted basis. While these metrics alone do not support an investment grade rating, the agency said Anadarko has made considerable progress re-positioning its reserve base for more sustained reserve replacement and production growth.

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