Fitch revises Hess to negative

Fitch Ratings said it affirmed Hess Corp.’s long-term issuer default rating and senior unsecured ratings at BBB and revised the outlook to negative from stable.

Roughly $6.55 billion in debt is impacted by this action.

The negative outlook was driven by projected outspending on growth projects in 2016 that Fitch anticipates is likely to meaningfully reduce the company's liquidity under a lower for longer oil price scenario; the loss of diversification associated with the previous sale of downstream, midstream and retail assets; and the reduction in size in the upstream through asset sales.

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