Fitch affirms Chevron

Fitch Ratings said it affirmed Chevron Corp.'s long-term issuer default rating at AA, senior unsecured notes at AA, commercial paper at F1+ and short-term issuer default rating at F1+.

The outlook is stable.

Chevron's ratings reflect the size and quality of the supermajor's worldwide asset base, its oil-heavy upstream portfolio, diversification benefits of the integrated oil business model, Chevron's strong cash flow generation capability, conservative financial management and very low debt levels, the agency said.

Credit concerns are minimal and center on high capital expenditures and shareholder distributions, as well as the possibility of acquisition-related event risk, the agency noted.

For the 12 months ending Dec. 31, Chevron had a debt-to-EBITDA leverage of 0.4x.

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