Fitch: ConocoPhillips notes A-

Fitch Ratings said it assigned an expected A- rating to ConocoPhillips’s pending issuance of senior unsecured notes.

The notes, which will be issued by ConocoPhillips Co., will be guaranteed by its parent company.

The proceeds will be used for general corporate purposes.

ConocoPhillips currently has a long-term issuer default rating of A-, senior unsecured notes rating of A-, bank revolver rating of A-, commercial-paper program rating of F2 and short-term issuer default rating of F2.

ConocoPhillips Qatar Funding has an F2 commercial-paper rating and F2 short-term issuer default rating.

Burlington Resources Inc. has an A- senior unsecured rating and Polar Tankers, Inc. has a long-term issuer default rating of A- and senior unsecured notes rating of A-.

ConocoPhillips Co. has a long-term issuer default rating of A- and senior notes rating of A-.

ConocoPhillips Canada Funding Co. I has a senior unsecured rating of A- and ConocoPhillips Canada Funding Co. II has a senior unsecured rating of A-.

The outlook is negative.

The ratings reflect sustained lower oil and gas prices, along with the company’s high exposure to liquids, Fitch said.

The ratings also consider its large size and diverse upstream portfolio, good liquidity and efficiency gains in its core shale plays, the agency said.

The company has a good track record of defending its ratings through asset sales and recent dividend cut, Fitch added.

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