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S&P cuts rating on BP, Total and Statoil
[BENGALURU] Standard & Poor's cut its corporate credit ratings on BP, Total SA and Statoil ASA, citing the Europe-based oil and gas companies' persistent weak debt coverage measures over 2015-2017.
The ratings agency on Monday cut the long- and short-term corporate credit ratings on BP Plc 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 SA 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 ASA 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.