Moody’s downgrades Chevron, Shell, Total

摘要

Moody’s Investors Services downgraded credit ratings for oil majors Chevron, Shell and Total last week as weak crude and natural gas prices squeezed cash flows. It reviewed four majors in all, but retained BP’s A2 rating. The credit rating agency confirmed a stable outlook for Chevron and Total, but gave a negative outlook to Shell because “of the elevated leverage following the BG acquisition.” “Low oil and gas prices will compound Shell’s challenges in delivering substantial asset sales to help reduce debt and in integrating and restructuring the upstream portfolio,” senior vice president Tom Coleman said. Shell credit rating was reduced to Aa2 from Aa1.