Fitch affirms Anadarko; outlook negative

Fitch Ratings said it affirmed the long-term issuer default rating and associated ratings of Anadarko Petroleum and its subsidiary at BBB-.

Additionally, the outlook has been revised to negative due to the uncertainties relating to the increasing costs estimates associated with the Macondo oil spill in the U.S. Gulf of Mexico, the agency added.

Affected ratings include:

• Anadarko Petroleum's senior unsecured at BBB- and bank loan at BBB-; and

• Kerr-McGee Corp.'s long-term issuer default rating at BBB- and senior unsecured at BBB-.

The affirmation reflects the company's strong liquidity, asset position and cash flow generating capability, the agency noted.

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