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BUSINESS
October 19, 1985
The rating agency said it raised the senior debt and industrial revenue bond ratings of Los Angeles-based Occidental Petroleum to BBB+ from BBB. It also raised Oxy's subordinated debt rating to BBB from BBB- and its preferred stock rating to BBB from BB. S&P said the upgradings reflect Oxy's stronger financial condition following the $1-billion sale of part of its Colombian oil field, the sale of $400 million of common stock and the repurchase of $1.2 billion of preferred stock.
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