Moody’s lowers Anadarko outlook to negative
Written on June 6, 2010
Anadarko Petroleum Corp. was the latest company affected by the Gulf oil spill to see its ratings lowered by Moody’s Investors Service.
Some $13 billion in Anadarko rated debt securities were the subject of Moody’s decision to lower its rating from stable to negative.
In a statement, Moody’s said the decision reflects the considerable uncertainty associated with Anadarko’s potential 25 percent share of the clean up costs and financial liabilities stemming from the April 20 explosion on the Deepwater Horizon drilling rig and oil spill in the Gulf of Mexico.
Anadarko is a 25-percent owner of the well with a non-operated working interest. BP Plc is the primary owner and operator, holding a 65-percent interest.
Moody’s place a “Baa3” rating on the unsecured debt of The Woodlands-based Anadarko (NYSE: APC), its lowest investment grading.
Filed in: management.