Fitch gives Apache notes A-

Fitch Ratings said it assigned an A- rating to Apache Corp.'s issuance of $1 billion of senior unsecured notes due 2040.

Net proceeds from the offering will be used to finance a portion of the consideration payable under the BP property acquisition, including drawings under the $5 billion bridge facility; for other acquisitions; and for general corporate purposes, the agency said.

Fitch said it placed Apache's ratings on rating watch negative following the announced BP property acquisition on July 20.

Apache's current ratings are as follows: issuer default rating A-; senior unsecured credit facility A-; senior unsecured notes A-; preferred stock BBB+; commercial paper F2; and short-term issuer default rating F2.

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