Occidental Petroleum Weakened by Acquisitions, Nearing Maturities

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On November 19, 2020, S&P Global Ratings lowered its issuer credit rating on Occidental Petroleum Corp. to BB- from BB+ and its unsecured issue-level rating also to BB- from BB+. The downgrade primarily reflects the Company’s highly leveraged capital structure resulting from last year's acquisition of Anadarko Petroleum, which continues to be burdensome amid an increasingly challenging industry environment, according to the ratings agency. Moreover, the Company will remain highly leveraged over the next two years amid industry headwinds and a challenging market for divestitures. S&P Global believes the Company will look to address its approaching debt maturities with a combination of refinancing, asset sales and internally generated cash flow. test

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