Standard & Poor’s cut outlook to negative for Exxon, Chevron
S&P reported in a statement that most rating actions show weaker credit-protection measures, negative cash flow, and uncertainty about liquidity over the next 12 months for these two companies.
According to Bloomberg, Chevron has been rated AA by S&P since at least July 1987 while Exxon has a triple-A bond rating since at least 1985. Meanwhile, according to Wood Mackenzie, lower oil prices are also threatening energy investments in North America worth around $1.5 trillion.
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