Fitch Rates ConocoPhillips' Revolver & Term Loan 'A-'; Upgrades Burlington Resources.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 an 'A-' rating to ConocoPhillips' new $2.5 billion revolver and $5 billion term loan that is being used to finance the acquisition of Burlington Resources Burlington Resources, is an American oil and gas company. Their headquarters are in Houston, Texas. Based in Houston, Texas, BR has major offices located in Calgary, London, Farmington, Midland and Fort Worth. which closed on March 31, 2006. Additionally, Fitch has upgraded the Burlington Resources unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. to 'A-' following the acquisition and has withdrawn the Burlington Resource's Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) as well as the Burlington Resources bank facility and commercial paper ratings. ConocoPhillips and its subsidiaries all have Stable Rating Outlooks. Fitch rates ConocoPhillips and its subsidiaries as follows: ConocoPhillips --Issuer Default Rating (IDR) 'A-'; --Bank revolvers (3 x $2.5 billion) 'A-'; --Term loan ($5 billion) 'A-'; --Sr. notes/debentures 'A-'; --Jr. subordinated debentures 'BBB+'; --US$ CP Program 'F2'; --EUR CP Program 'F2'. ConocoPhillips Co. --Issuer Default Rating (IDR) 'A-'; --Sr. unsecured notes 'A-'. ConocoPhillips Qatar Funding --CP Program 'F2'. Burlington Resources Inc. --Sr. unsecured notes/debentures 'A-'. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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