Fitch affirms Anadarko

Fitch Ratings said it affirmed Anadarko Petroleum Corp.'s long-term issuer default rating and other associated debt ratings following its announcement of a $5 billion stock repurchase program.

Affected ratings include Anadarko's long-term issuer default rating affirmed at BBB-, senior unsecured affirmed at BBB-, bank loan affirmed at BBB-, short-term issuer default rating affirmed at F3 and commercial paper affirmed at F3 as well as Kerr-McGee Corp.'s long-term issuer default rating affirmed at BBB- and senior unsecured affirmed at BBB-.

The outlook is stable.

According to Fitch, the affirmation reflects Anadarko's progress in reducing debt to date and expectations of further debt reduction notwithstanding the recent stock repurchase announcement.

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