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S&P downgrades debt of energy companies

Meanwhile, brokers Sanford Bernstein warns that UK and other European banks have sizeable exposure to Glencore and other commodity traders

Published Wed, Oct 7, 2015 · 09:50 PM

London

STANDARD & Poor's has downgraded the debt of numerous US, European and emerging market energy companies while brokers Sanford Bernstein has warned that banks are exposed to debt of commodity traders.

S&P has revised downwards its oil price projections and is concerned that "many companies' current and prospective core debt coverage metrics are currently below our rating guidelines".

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