Fitch rates Occidental Petroleum notes A

Fitch Ratings said it assigned an A rating to Occidental Petroleum Corp.'s issuance of $2.15 billion of senior notes. The issuance, comprised of a combination of 5.5- and 10.5-year senior notes, will be used for general corporate purposes which may include ordinary course working capital increases, acquisitions, retirement of debt, stock repurchases and other business opportunities.

The outlook is stable.

The ratings and outlook reflect the company's strong operational track record, diverse portfolio of exploration and production properties, significant exposure to oil and natural gas liquids, robust cash flow generation and low debt levels, the agency said.

Credit concerns are minimal and center on the possibility of a large, leveraging transaction and the company's relatively high portfolio exposure to the politically volatile Middle East and North Africa region, the agency added.

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