All rights reserved – Moody’s Investors Service said Friday it downgraded the unsecured long-term credit rating of Total from Aa1 to Aa3 to integrate the impact of the prolonged weakness in oil prices on its financial results. / Picture taken April 5, 2016 / REUTERS / Regis Duvignau
Moody’s Investors Service announced Friday have lowered the unsecured long-term credit rating from Aa1 to Aa3 Total to incorporate the impact of the prolonged weakness in oil prices on its financial results.
The junior subordinated notes is reduced from Aa3 to A2 and short-term rating P-1 is confirmed, the agency said, adding that the prospect of all ratings is stable.
“Total notes The deterioration mainly reflects the anticipation of a price for holding the lower oil for longer periods in 2016 and 2017 with effect continued pressure on operating cash flow and Total credit criteria, “Moody’s said in a statement.
the outlook for the group in terms of cash flow should prevent the short term, to reduce its debt, despite setting implement the plan for about $ 10 billion of asset sales over 2015 to 2017, she said.
During the presentation of its annual results in February, Total announced plans to boost its cost reductions and investment in a context of oil prices low.
Moody’s accurate count on a price per barrel to 33 dollars in 2016, $ 38 in 2017 and 43 dollars in 2018.
(Marc Angrand)
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