Fitch Assigns 'BBB' to Kerr-McGee's Proposed Sr Unsec Notes.CHICAGO -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has assigned a 'BBB' rating to the proposed $600 million, 20-year senior unsecured note offering from Kerr-McGee. The Negative Rating Outlook will remain unchanged. The proceeds from the offering will be used to redeem all of the outstanding 8.25% senior subordinated notes due 2011 of Westport Resources. The rating is based on the company's 1.3 billion barrel of oil equivalent The barrel of oil equivalent (bboe, sometimes BOE) is a unit of energy based on the approximate energy released by burning one barrel of crude oil. The US Internal Revenue Service defines it as equal to 5.8 × 106 BTU [1]. 5. (boe) in reserves, its considerable titanium titanium (tītā`nēəm, tĭ–) [from Titan], metallic chemical element; symbol Ti; at. no. 22; at. wt. 47.88; m.p. 1,675°C;; b.p. 3,260°C;; sp. gr. 4.54 at 20°C;; valence +2, +3, or +4. dioxide operations and its credit profile, which has benefited greatly from strong commodity prices. The Negative Rating Outlook is due to Kerr-McGee's weak debt per proved developed producing boe, which pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma for the Westport Resources transaction will remain near $5.00. Also, Kerr-McGee will maintain a dividend, requiring annual payments in excess of $250 million subsequent to closing of the Westport Resources transaction. Kerr-McGee is an Oklahoma City, Oklahoma “OKC” redirects here. For the airport, see Will Rogers World Airport. Oklahoma City is the capital of the U.S. state of Oklahoma. The county seat of Oklahoma County, the city is the 30th largest city in the U.S. based exploration and production company, with 1.0 billion barrels of oil equivalent reserves at year-end 2003. Additionally, it is a leader producer of titanium dioxide with approximately 560,000 tonnes of gross capacity. |
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