The mood of Moody's Investor Service has brightened in regard to the senior unsecured debt of Anadarko Petroleum (APC). The agency flipped its outlook on such obligations from stable to positive, while affirming the existing Baa3 rating.
In the press release announcing the news, Moody's Vice-President Pete Speer was quoted as saying the change was because the company's "strong operating performance and improving financial position support its positive outlook."
The ratings service added that both the amount of Anadarko's proved reserves and the scale of its production are among the most significant in the independent exploration and production segment. Debt ratings affect how much a company pays to borrow money.
At the end of its most recently reported quarter, the company had nearly $4.6 billion in cash and short-term investments. Its long-term debt stood at $13.5 billion.
