TEXT - S&P rates Apache Corp new notes 'A-'
Nov 28 - Standard & Poor's Ratings Services today assigned its 'A-' rating to Apache Corp.'s senior unsecured note offering. The oil and gas exploration and production company intends to use proceeds from the offering to repay outstanding commercial paper balances and general corporate purposes. The ratings on Houston-based independent exploration and production (E&P) firm Apache Corp. reflect our assessment of the company's "strong" business risk and "modest" financial risk profiles. The ratings incorporate the company's large, geographically diversified reserve base, balanced exposure to natural gas and crude oil, and favorable multiyear reserve replacement and production trends. Standard & Poor's views these strengths as partly tempered by periodic acquisitions, a weak intermediate-term outlook for natural gas prices, and participation in a highly cyclical industry. RELATED CRITERIA AND RESEARCH Key Credit Factors: Global Criteria For Rating The Oil And Gas Exploration And Production Industry, Jan. 20, 2012 Temporary telephone contact numbers: Lawrence Wilkinson (212-991-8514); Carin Dehne-Kiley (917-496-8208) RATINGS LIST Apache Corp. Corporate credit rating A-/Stable/A-2 New Rating Senior Unsecured Note A-