...Fitch Ratings affirmed Apache Corporation's Long-Term Issuer Default Rating (IDR) and senior unsecured ratings at `BBB'. The Rating Outlook was revised to Stable from Positive based on weak gas and natural gas liquids (NGLs) prices. Lower prices slowed the ramp-up of Alpine High, which was a key driver of the previous Positive Outlook. Fitch affirmed Apache's CP rating and Short-Term IDR at `F2'. Approximately $8.2 billion of debt is affected by the rating action. Apache's ratings reflect the company's size and diversification; reasonable, but declining, leverage to oil prices; robust unit economics, including cash netbacks that are in line with peers; good liquidity and moderate debt repayments over the last few years, which helped keep metrics consistent with the rating. Debt/EBITDA leverage showed limited downside volatility during the last oil price downturn when compared with peers. Offsetting factors include headwinds created by lower natural gas and NGLs prices, which impaired the...
