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S&PCORRECT: Various Rating Actions On European Oil And Gas Majors; Teleconference Sept. 4 @ 3pm CET Sep 09
Standard & Poors, Sep 2009
Abstract
We are lowering our long-term ratings on Royal Dutch Shell to 'AA' from 'AA+'. The outlook on Shell is stable. We are revising to negative from stable our outlooks on Eni SpA (AA-/Negative/A-1+) and Total S.A. (AA/Negative/A-1+), while affirming the ratings. We are also affirming our ratings on BP PLC (AA/Stable/A-1+). Capital expenditure- and dividend-driven pressures on free cash flow contributed to all the rating decisions. For Shell in particular, we expect these pressures to lead to sizable further rises in debt in 2009 and 2010, albeit from a very low initial level. In Shell's and Total's case, their slightly less conservative leverage policies, including shareholder distributions, coupled with our expectation of a prolonged refining downturn also contributed to the...
Companies mentioned in this report are: Royal Dutch Shell PLC,BP PLC,Shell Oil Co.,BP Corporation North America Inc.,Eni Lasmo PLC,Eni SpA,Total S.A.
Action: Affirmed
Action: Downgraded
Action: Outlook: Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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