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Anadarko Petroleum Corp. Ratings Placed On CreditWatch Positive On Acquisition By Chevron

Rating Action Overview

  • U.S.-based integrated oil company Chevron Corp. has announced the acquisition of Anadarko Petroleum Corp. for $33 billion in cash and stock, $50 billion including the assumption of debt.
  • We are placing all our ratings on Anadarko, including our 'BBB' issuer credit rating, on CreditWatch with positive implications, reflecting the likelihood of an upgrade following close of the acquisition, which we expect by the end of the year.
The positive CreditWatch listing reflects the likelihood we would raise all our ratings on Houston-based Anadarko, including our 'BBB' issuer credit rating, following the close of its acquisition by Chevron (AA/Watch Neg/A-1+). We are likely to view Anadarko's assets as core to Chevron given their strategic fit into Chevron's development program, and we believe Chevron will guarantee Anadarko's debt. The transaction was approved by the boards of directors of both companies, but it is still subject to Anadarko shareholder approval, regulatory approvals, and other customary closing conditions. We do not anticipate any major issues to arise during that process.
The positive CreditWatch listing reflects the likelihood that we would raise Anadarko's 'BBB' issuer credit and senior unsecured ratings following the close of its acquisition by Chevron. In resolving our CreditWatch on Anadarko, we will incorporate our ultimate issuer credit rating on Chevron, Anadarko's strategic importance to Chevron, and the relative priority of Anadarko's debt into the capital structure. We expect to resolve the CreditWatch around the close of the acquisition, which we expect by the end of the year.
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