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Rating Action:

Moody's downgrades Anadarko to Ba1, reviews for further possible downgrade

18 Jun 2010

Approximately $12.9 billion of rated debt securities affected

New York, June 18, 2010 -- Moody's Investors Service downgraded Anadarko Petroleum Corporation's and its guaranteed subsidiaries' (Anadarko) long-term debt rating to Ba1 from Baa3 and placed the long-term ratings under review for further possible downgrade. Moody's also assigned a Ba1 Corporate Family Rating.

Moody's action reflects the considerable uncertainty around Anadarko's potential 25% share of the cleanup costs and the associated financial liabilities and fines stemming from the April 20 Deepwater Horizon rig explosion and subsequent oil spill in the Gulf of Mexico. Moody's expects the consequences of the spill will negatively impact Anadarko's credit profile over the medium term, reflecting BP's continued inability to stop the leak, the increasing revisions in the magnitude of the spill, and mounting claims.

Moody's anticipates Anadarko, as BP's partner in the well, will meet its responsibilities through some allocation of some portion of the liability from the accident. Moody's believes the ongoing uncontrolled flow from the well will result in higher containment and clean-up costs than initially expected, as well as potential further increases in litigation costs and fines in view of the widespread damage caused to the economies of the coastal regions affected by the oil spill.

The review for downgrade reflects the considerable uncertainty relating to the size of future financial liabilities facing Anadarko. At this time it is not known how much of the continuing accruing costs will be offset by contractual rights or will have to be met by the company, and to what extent this will impact its financial and liquidity profiles. Anadarko's financial position has recently benefited from robust operating results and cash flow generation, which provides some cushion against the potential financial impact of the incident; albeit management may have to take additional actions to ensure the company has adequate flexibility.

Anadarko holds insurance to cover the first $178 million of its share of clean-up costs and another $1.6 billion is available from the Federal Oil Spill Liability Trust Fund. Additionally, the company has approximately $3.5 billion of cash on hand, $1.3 billion of available revolving credit, and no debt due through the rest of 2010. Over the next two years, debt due totals $707 million in 2011, and $170 million in 2012. In addition, the company has other levers which it could use, including re-allocating capital spending, selling assets, delaying other spending, and the farm-out of assets, as necessary.

To date in 2010 Anadarko has experienced robust growth from production. While the US Government-mandated moratorium on deepwater drilling is likely to affect the company's near-term capital plans, near-term production growth should not be affected as it can potentially shift exploration and development plans to other parts of the world for the next two-to-three year horizon.

The last rating action on Anadarko was June 4, 2010, at which time Moody's changed the company's outlook to negative from stable.

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, Texas.

New York
Steven Wood
Managing Director
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Francis J. Messina
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's downgrades Anadarko to Ba1, reviews for further possible downgrade
No Related Data.
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