S&P affirms Occidental on spin-off news

Standard & Poor’s said it removed the corporate credit and debt ratings on Occidental Petroleum Corp. from CreditWatch, where they were placed with negative implications in February following news that the company would separate its California operations into a publicly traded company called California Resources Corp.

S&P also said it affirmed the company’s A corporate credit and senior unsecured ratings, along with its A-1 short-term debt and commercial-paper ratings.

The outlook is stable.

The ratings reflect the company’s modest financial risk profile and strong business risk profile following the spin-off of California Resources, the agency said.

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