OIL MAJORS RATINGS DOWN
Three of the world's largest energy companies had their credit ratings lowered by Moody's Investors Service on the expectation that oil prices will stay low for longer and cause leverage concerns.
Chevron Corp. and Royal Dutch Shell Plc had their ratings reduced by one level, while Total SA's was cut two steps, according to statements by the New York-based rating company on Friday. Chevron will generate negative cash flow amid rising debt for at least the next two years, while Shell will have elevated leverage following its acquisition of BG Group Plc, Moody's said. Prices are expected to stay low through this year and…
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