Moody's Cuts Occidental Petroleum's Debt to Junk
Credit rating agency Moody's (NYSE: MCO) announced today that it has downgraded Occidental Petroleum's (NYSE: OXY) senior unsecured debt from Baa3 to Ba1. That pushed Occidental's bond rating into junk territory.
Occidental's credit profile has been under pressure since it acquired Anadarko Petroleum last year. The company took on $40 billion in debt to finance that transaction. That debt is now "significantly compromising its financial flexibility to confront the collapse in oil prices," according to Andrew Brooks, a vice president at Moody's.
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Source Fool.com
