S&P: Anadarko unchanged

Standard & Poor's said Friday that its rating and outlook on Anadarko Petroleum Corp. (BBB+/stable/A-2) would remain unchanged following the company's announcement that it will sell oil and gas assets to Apache Corp. (A-/stable/A-2) for $1.3 billion in addition to the discharge of meaningful asset retirement obligations and future development costs.

S&P said it had expected Anadarko to sell more than $3 billion of assets in 2004 and early 2005 and these properties are part of that effort.

However, S&P noted it views the sale as favorable for credit quality as the sale price is better than expected and positions the company to exceed its $3 billion target.

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