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Standard & Poor’s cuts ExxonMobil’s credit rating

by ChemOrbis Editorial Team -
  • 27/04/2016 (19:43)
According to media reports, Standard & Poor’s (S&P) cut ExxonMobil’s credit rating to AA+ from AAA in the face of the company’s rising debt level and lower oil prices. According to the ratings agency, the company’s credit outlook is stable.

The company had cut capital spending significantly and is expected to benefit from production gains with the completion of some of its projects. Oil companies are under financial stress due to slumping oil prices, which pushed producers to lower spending or take on more debt.

Exxon reported an annual profit of $16.2 billion last year, a 64% drop from a year earlier.
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