Oxy Debt Cut to Junk

摘要

Occidental Petroleum saw its credit rating cut to junk status by Moody’s as concerns mount over the impact of low oil prices on the heavily leveraged oil giant. The ratings agency lowered its rating for Oxy’s unsecured debt to Ba1 — below investment grade — from Baa3 and lowered its commercial paper rating from Prime-3 to Not Prime. The unsecured debt rating impacts some $37 billion in Oxy debt.