S&P backs Marathon credit ratings |
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Mon, 22 Oct 2007 15:04
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NEW YORK (AP) - Standard & Poor's Ratings Services on Monday backed its credit ratings for Marathon Oil Corp. following the integrated oil and gas company's acquisition of Western Oil Sands Inc.The credit rating agency lists Marathon's long-term corporate credit rating as 'BBB+' and its short-term rating as 'A-2' with a stable outlook.In a statement, credit analyst Ben Tsocanos cited Marathon's 'satisfactory business risk profile' and 'geographically diverse reserve base, a competitive refining and marketing business, and an intermediate financial profile,' as reasons for maintaining the ratings.S&P also equalized Western's corporate credit rating and the rating on the company's senior unsecured notes with those of Marathon. The $450 million notes due 2012 are now rated 'BBB+.'Marathon sealed its $5.8 billion purchase of Western, which also includes the absorption of $1.1 billion in debt, last Thursday.Marathon Oil shares fell 49 cents to $57.62 in morning trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Marathon Oil's long-term corporate credit rating affirmed at 'BBB+' - S&P 