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BULLETIN: CNOOC's Bid For Unocal Will Not Affect Chevron Ratings Jun 05
Standard & Poors, June 2005
Abstract
NEW YORK (Standard & Poor's) June 24, 2005--Standard & Poor's Rating Services said today that China National Offshore Oil Corp.'s (CNOOC; BBB+/Watch Neg/--) all-cash bid of $18.5 billion for Unocal Corp. (BBB+/Watch Dev/A-2) will not immediately affect the ratings on Chevron Corp. (AA/Stable/A-1+). CNOOC's bid exceeds a bid by Chevron for Unocal by about $1.5 billion. Ratings on Chevron were affirmed April 4, 2005 when Chevron's bid for Unocal was announced. Chevron intends to pursue the purchase of Unocal under the original terms proposed and that the boards of both Chevron and Unocal have approved. If Chevron modestly increases its bid, ratings would likely not be affected, but the ratings outlook could be revised to negative if Chevron were to...
Companies mentioned in this report are: Chevron Corp.,Unocal Corp.,China National Offshore Oil Corp.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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