Moody's drops Anadarko to junk

Moody's Investors Service said it downgraded Anadarko Petroleum Corp.'s long-term debt rating to Ba1 from Baa3 and placed the rating under review for further downgrade. Moody's also assigned a Ba1 corporate family rating.

The action reflects the considerable uncertainty around Anadarko's potential 25% share of the cleanup costs and the associated financial liabilities and fines stemming from the April 20 Deepwater Horizon rig explosion and subsequent oil spill in the Gulf of Mexico, according to the agency.

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