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Fitch confirms Unocal ratings
Fitch Ratings confirmed the senior unsecured debt rating of Unocal Corp. at BBB+ and the convertible trust preferreds at BBB.
Also, Fitch assigned a senior unsecured rating of BBB+ to Unocal's $1 billion revolving credit facility.
The revolver is unsecured and includes a $400 million 364-day agreement due October 2002 and a $600 million five-year agreement due October 2006.
The outlook remains stable.
Unocal is one of the world's largest independent oil and gas exploration and production companies, with worldwide reserves at year-end 2001 of around 1.8 billion barrels of oil equivalent. Natural gas accounts for about 64% of its production mix.
Unocal's core operating areas are Southeast Asia, the lower 48 states of the U.S., Alaska and Canada.
Fitch lowers Aquila outlook
Fitch Ratings revised the rating outlook to negative from stable for debt and obligations of Aquila Inc.
Affected are senior unsecured obligations at BBB-, preferred stock at BB+ and commercial paper at F3.
The change reflects Fitch's ongoing review of Aquila'a liquidity and financial flexibility at a time when the company is shedding business lines and assets.
Future credit quality will be determined by the ability to reduce debt to a level that can be supported by ongoing operating cash flow from the remaining businesses, Fitch said.
Aquila operates electricity and natural gas distribution networks serving more than six million customers in the U.S., Canada, the United Kingdom, New Zealand and Australia.
The company also provides risk management products and wholesale energy services.
However, Aquila has announced it will exit the energy services market.
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