Marathon Oil's long-term corporate credit rating affirmed at 'BBB+' - S&P |
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Mon, 22 Oct 2007 08:28
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it affirmed the 'BBB+' long-term corporate credit rating and 'A-2' short-term rating on integrated oil and gas company Marathon Oil Corp following the completion of its acquisition of Western Oil Sands Inc, rated 'BBB+'.The outlook on both companies is stable, the ratings agency said.S&P said it also removed the 'BB+' corporate credit rating on Western Oil from positive watch and equalised it with the rating of Marathon.The rating on Western's 450 mln usd senior unsecured notes due 2012 was also equalised with the 'BBB+' senior unsecured rating on Marathon's notes, S&P said.'The ratings on Marathon reflect its satisfactory business risk profile as an integrated oil and gas company with a large, geographically diverse reserve base, a competitive refining and marketing business, and an intermediate financial profile,' S&P said.The advantages are offset by the highly volatile and cyclical nature of the oil and gas industry, operational inconsistency in Marathon's upstream operations in recent years, and management's tolerance for political and operating risk, S&P said.TFN.newsdesk@thomson.comnpr/manCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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