DBRS Assigns Rating of AA to Chevron Corporation’s New Issues

DBRS has today assigned a rating of AA with a Stable trend to Chevron Corporation’s (Chevron) new debt issuances (the Notes) as follows:

-- $2 billion 1.104% senior unsecured notes, maturing on December 5, 2017.
-- $2 billion 2.355% senior unsecured notes, maturing on December 5, 2022.

The Notes are expected to settle on December 5, 2012.

The proceeds of the Notes are expected to be used for general corporate purposes, including refinancing a portion of Chevron’s existing commercial paper borrowings (approximately $6.1 billion at October 31, 2012) and redeeming all of Chevron's outstanding 3.950% Notes due 2014.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

The applicable methodology is Rating Oil and Gas Companies, which can be found on our website under Methodologies.