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Research Update: ConocoPhillips 'A' Rating Affirmed And Removed From CreditWatch In Spite Of Spin-Off Plan Feb 12

Description:
Abstract
U.S.-based ConocoPhillips is pursuing the spin-off of its refining and marketing, midstream, and petrochemicals businesses. Based on our current assessment, we view the transaction as effectively neutral from a credit perspective. We are affirming the ratings on ConocoPhillips and all related entities, and removing them from CreditWatch. The stable outlook reflects the company's significant ability to withstand periods of difficult market conditions, without jeopardizing the rating. (Watch the related CreditMatters TV segment titled, "Why ConocoPhillips' Spin-Off Plans Haven't Moved Standard & Poor's 'A' Rating," dated Feb. 8, 2012.) On Feb. 7, 2012, Standard & Poor's Ratings Services affirmed its ratings on ConocoPhillips, including its 'A' corporate credit rating and its ratings on all related entities (see list below). We removed...

Companies mentioned in this report are:
- ConocoPhillips
- ConocoPhillips Holding Co.
- Louisiana Land & Exploration Co.
- ConocoPhillips Co.
- Phillips Alaska Pipeline Corp.
- Tosco Corp.
- Gulf Canada Resources Ltd.
- Burlington Resources Inc.
- Chevron Phillips Chemical Co. LLC
- Burlington Resources Finance Co.
- ConocoPhillips Funding Co.
- ConocoPhillips Qatar Funding Ltd
- ConocoPhillips Australia Funding Co.
- ConocoPhillips Canada Funding Company I
- ConocoPhillips Canada Funding Company II
- Polar Tankers Inc.
- TransCanada Keystone Pipeline LP

Action: Affirmed
Action: Removed From CreditWatch

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Companies Mentioned
- ConocoPhillips
- ConocoPhillips Holding Co.
- Louisiana Land & Exploration Co.
- ConocoPhillips Co.
- Phillips Alaska Pipeline Corp.
- Tosco Corp.
- Gulf Canada Resources Ltd.
- Burlington Resources Inc.
- Chevron Phillips Chemical Co. LLC
- Burlington Resources Finance Co.
- ConocoPhillips Funding Co.
- ConocoPhillips Qatar Funding Ltd
- ConocoPhillips Australia Funding Co.
- ConocoPhillips Canada Funding Company I
- ConocoPhillips Canada Funding Company II
- Polar Tankers Inc.
- TransCanada Keystone Pipeline LP
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