Moody’s cut Union Oil’s long-term debt ratings.

Moody’s Investors Service reduced the long-term debt rating of Union Oil of California to BAA1 from AA1. The rating agency assigned a BAA3 rating to the $4.15 billion in senior secured debt that Unocal will exchange for 57.7 million shares. Moody’s raised several long-term debt ratings of Occidental Petroleum and Cities Service, which Occidental acquired in 1983.