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
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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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