Moody's rates Apache notes A3

Moody's Investors Service said it assigned A3 ratings to the senior notes due 2023 and 2044 being offered by Apache Corp.

The outlook remains stable.

The proceeds from the notes offering will be used to repay commercial paper borrowings and for general corporate purposes.

"Apache's debt levels have continued to rise this year with heavy capital expenditures in its Permian and Anadarko basin properties," Moody's vice president Pete Speer said in a news release. "Our stable outlook is based on the expectation that production and reserves growth combined with relatively flat debt levels going forward will reduce the company's leverage metrics in 2013."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.