Fitch: No change for Occidental Petroleum

Fitch Ratings said it anticipates no change to Occidental Petroleum Corp.'s issuer default rating of A and stable outlook following its decision to acquire the energy trading unit, Phibro LLC, from Citigroup.

The $250 million acquisition is not expected to materially change leverage metrics for Occidental Petroleum, Fitch said. However, it does appear to be somewhat of a departure from the company's past acquisition practices, the agency said.

While trading operations are likely to generate significant income, the agency said, they also have the potential to weaken the company's future credit quality.

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