Standard & Poor’s cut its corporate credit ratings on BP, Total and Statoil, citing the Europe-based oil and gas companies’ persistent weak debt coverage measures over 2015-2017.
The ratings agency cut the long- and short-term corporate credit ratings on BP to ‘A minus/A-2’ from ‘A/A-1’ with a stable outlook.
S&P lowered the long- and short-term corporate credit ratings on Total to ‘A plus/A-1’ from ‘AA-/A-1 plus’ and assigned a negative outlook.
The ratings agency also cut the long- and short-term corporate credit ratings on Statoil to ‘A plus/A-1’ from ‘AA minus/A-1 plus’ and assigned a stable outlook.
Standard and Poor’s had lowered its ratings on some US exploration & production companies after price assumption revisions earlier this month.
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