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Global Credit Research - 22 Sep 2010
Approximately $13.5 billion of rated debt securities affected
New York, September 22, 2010 -- Moody's Investors Service confirmed Anadarko Petroleum Corporation and
its guaranteed subsidiaries' (Anadarko) Ba1 senior unsecured rating,
and affirmed the SGL-2 Speculative Grade Liquidity rating.
The outlook is stable. This concludes the review for possible downgrade
of Anadarko's ratings that was initiated on June 18, 2010.
"While uncertainty remains as to the magnitude of the ultimate exposure
faced by the group following the oil spill caused by the explosion on
the Deepwater Horizon drilling rig, our rating confirmation and
stable outlook includes a Moody's estimated Anadarko payment of
up to $8 billion dollars," said Francis J. Messina,
Vice President -- Senior Analyst.
The confirmation of Anadarko's ratings reflects improved visibility
on Anadarko's future financial profile as a result of Anadarko's
liquidity and financial flexibility. Moody's also considered
the financial disclosure provided at the time of BP's release of
its second quarter 2010 results, which included a BP post-tax
charge of $22 billion related to the Gulf of Mexico oil spill.
Moody's acknowledges that uncertainty remains at this stage as to
the ultimate cost of the Gulf of Mexico oil spill to all parties.
Moody's rating confirmation and stable outlook reflects our expectation
that Anadarko will be able to sustain financial metrics that are commensurate
with a Ba1 rating under a range of likely outcomes for the ultimate total
costs resulting from the oil spill. And, Moody's believes
that Anadarko should be able to accommodate expenses and cash outlays
representing its 25% percent proportion of the total charges up
to approximately $8 billion within the Ba1 rating level.
A detailed analysis of Anadarko's exposure was published Monday,
September 20th. For this analysis Moody's has run various
sensitivities including downside scenarios reflecting: (i) a level
of fines and penalties at the top end of the range stipulated under the
Clean Water Act; (ii) damages to satisfy OPA 90 claims under the
Gulf Coast Claims Facility; and, (iii) litigation awards and
A positive outcome to key legal actions and investigations together with
the maintenance of operating performance and a conservative financial
policy at Anadarko could lead to a rating upgrade.
Conversely, Anadarko's rating could be lowered should the
ultimate Gulf of Mexico oil spill related costs exceed Moody's range
of assumptions and/or the company's cash flow generation falls short
of current expectations.
The SGL-2 rating reflects Anadarko's good liquidity over the next
twelve months to meet its obligations. At June 30, 2010 cash
totaled $3.4 billion. Since then the company received
$450 million from Western Gas Partners for a dropdown, a
$5 billion five-year secured credit facility, and
issued $2 billion of seven year notes. Concurrently,
the company has no material debt maturities through 2015. Additionally,
debt covenants provide good headroom throughout the year. Three
financial covenants are required under the secured credit facility:
current ratio greater than 1.0x; leverage ratio less than
4.5x, stepping down to 4.0x after 12/31/2011;
and, a collateral coverage ratio of greater than 1.75x.
Under Moody's Loss Given Default methodology Moody's has assigned a Ba1
Probability of Default rating to the company. Based upon the level
of the secured debt in the capital structure in relation to the size of
the unsecured debt, the senior unsecured notes are at the CFR level.
The last rating action on Anadarko was August 9, 2010, at
which time Moody's affirmed the company's CFR and SGL, and
assigned a Ba1 rating to new unsecured debt.
The principal methodology used in rating Anadarko was Moody's Global Independent
Exploration and Production Industry rating methodology published in December
2008. The methodology is available on www.moodys.com
in the Rating Methodologies sub-directory under the Research &
Ratings tab. Other methodologies and factors that may have been
considered in the process of rating this issuer can also be found in the
Rating Methodologies sub-directory on Moody's website.
Anadarko Petroleum Corporation, a large independent exploration
and production company, is headquartered in The Woodlands,
MD - Corporate Finance
Corporate Finance Group
Moody's Investors Service
Francis J. Messina
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
Moody's Investors Service
Moody's confirms Anadarko's Ba1 senior unsecured rating, outlook stable
250 Greenwich Street
New York, NY 10007
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