Fitch: Occidental Petroleum to negative

Fitch Ratings said it affirmed Occidental Petroleum Corp.’s long-term issuer default rating and senior unsecured ratings at A, and short-term issuer default rating and commercial paper rating at F1.

The outlook was revised to negative from stable.

Fitch said the negative outlook reflects concerns about the impact of the company's large dividend ($2.3 billion), which the agency anticipates will result in prolonged negative FCF over the next few years, and above average execution risk in getting back to FCF neutrality, which is less typical for A rated entities.

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