Fitch lowers Apache

Fitch Ratings said it has downgraded Apache Corp.'s ratings as follows: issuer default rating to A- from A; senior unsecured credit facility to A- from A; senior unsecured notes to A- from A; preferred to BBB+ from A-; commercial paper to F2 from F1; and short-term issuer default rating to F2 from F1.

The outlook was revised to stable from negative.

According to the agency, Apache's ratings reflect the company's significant leverage to oil; solid operational metrics; diversified portfolio of upstream properties; and long track record of strong organic reserve and production growth.

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