S&P ups Anadarko outlook to positive

Standard & Poor's said it revised its outlook on Anadarko Petroleum Corp. to positive from stable.

At the same time, the agency said it affirmed its BBB- corporate credit and senior unsecured debt ratings on the company.

"The revised outlook reflects its view that Anadarko's production growth prospects, its significant hedge positions on expected oil and natural gas production for 2010, and its plans to reduce debt through a $1 billion tender offer should result in improved credit measures over the near to intermediate term," said S&P credit analyst Patrick Jeffrey.

S&P said it would consider a ratings upgrade if the company can sustain funds from operations to total debt at or above 30% using its long-term pricing assumptions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.