Fitch Upgrades Kerr-McGee's Debt to 'BBB'; Outlook Negative.CHICAGO -- Fitch Ratings has upgraded and removed from Rating Watch Positive the 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. ) and the ratings for the senior notes and debentures of Kerr-McGee Corp. (NYSE NYSE See: New York Stock Exchange :KMG) following the parental guarantee of the debt provided by Anadarko Petroleum Corporation Anadarko Petroleum Corporation (NYSE: APC) is one of the world’s largest independent oil and gas exploration and production companies, with 2.37 billion barrels of oil equivalent (BOE) of proved reserves and a production of 190 million BOE in 2004. Ranked No. (NYSE:APC (1) (American Power Conversion Corporation, West Kingston, RI, www.apcc.com) The leading manufacturer of UPS systems and surge suppressors, founded in 1981 by Rodger Dowdell, Neil Rasmussen and Emanual Landsman, three electronic power engineers who had worked at MIT. ) (Anadarko) late last week. The IDR, senior notes and debentures of Kerr-McGee have been upgraded to 'BBB' from 'BB'. The Rating Outlook for the Kerr-McGee IDR and debt is Negative, consistent with parent company's Rating Outlook. Additionally, Fitch has withdrawn the senior unsecured credit facility rating for Kerr-McGee. Fitch originally placed Kerr-McGee on Watch Positive on June 23, 2006. For more information see the press release on the Fitch Ratings web site www.fitchratings.com. The ratings and Outlook for Anadarko are listed below. Anadarko Petroleum Corporation --IDR 'BBB'; --Sr. Unsecured 'BBB'; --Bank Loan 'BBB'; --Preferred Stock 'BBB-'; --Commercial Paper 'F2'. The Rating Outlook is Negative. 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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