Fitch downgrades Petrofac credit rating following share price trouble
Credit ratings agency Fitch has downgraded its assessment of North Sea operator Petrofac (LON: PFC) to a 'B-' in the latest sign of financial trouble at the firm.
Fitch Ratings
Saudi defends OPEC cut as business, not politics
Saudi Arabia has defended the OPEC+ decision to cut production, saying a US request to push back the move would have had a negative economic impact.
Fitch warns of tough 2023 amid markedly higher gas prices
Fitch Ratings has increased its short and medium term gas price assumptions, based on an assumption of no further Russian supplies into the European Union.
German-Canada hydrogen plans set the marker for progress
Germany has been on the hunt for new LNG supplies in order to stave off the near term crisis of stuttering Russian gas supplies. Chancellor Olaf Scholz’s visit to Canada did not come through on the LNG front, but he did seal an ambitious deal on hydrogen.
Adnoc launches new Murban unit to raise debt
Adnoc has set out plans to issue bonds via a new wholly owned subsidiary, as it continues working to raise capital.
PIF deal cuts risk for ADES of contract renegotiations
Saudi Arabia’s purchase of ADES International reduces the risk that the company’s contracts be cancelled or renegotiated, Fitch Ratings has said.
MEA banks under oil price pressure
Middle East and African banks face mounting pressure from the gathering macroeconomic storm and oil price pressure, Fitch Ratings has said.
Russia has edge over Saudi Arabia in crunch oil production talks
Russia will be able to outlast Saudi Arabia if the pair fail to clinch a deal to cut production to prop up oil prices during OPEC+ talks on April 9.
Occidental downgraded to ‘junk’ by ratings agency
Occidental Petroleum was downgraded to junk by Fitch Ratings as it struggles to combat a sharp decline in oil prices, making it the biggest fallen angel in this downgrade cycle.
Oil firms investing in renewables ‘could benefit from more stable cash flow’, credit firm claims
Oil and gas majors who invest in the renewable energy sector "could benefit" from more stable cash flows, according to a credit rating agency.