S&P; Cuts Occidental Petroleum Ratings: Standard &...
From Times Staff and Wire Reports
S&P; Cuts Occidental Petroleum Ratings: Standard & Poor’s lowered its ratings on Occidental Petroleum’s debt, citing expectations of weak earnings and cash flow. The agency also cited high fixed costs of servicing total debt of about $8.2 billion, as well as a $2.50-a-share annual dividend that the agency called “very high.” It reduced ratings on Oxy’s senior debt and preferred stock to BBB-minus from BBB, subordinated debt to BB from BBB-minus, and commercial paper to A-3 from A-2.
