(CercleFinance.com) – Moody’s announced a downgrade of its long-term credit rating on senior unsecured Total ‘Aa1′ to ‘Aa3′ and junior subordinated notes to ‘Aa3′ to ‘A2′ while maintaining its short-term rating ‘P-1′, with the outlook ‘stable’ on these notes.
these decisions announced at the very end of last week, just enter a review initiated by the US rating agency on January 22.
‘These impairments primarily reflect our expectation of lower oil prices for longer in 2016-17, which will continue to put pressure on operating cash flows and Total credit metrics, “explains Elena Nadtotchi.
the analyst in charge of the file adds that this unfavorable context comes as the petro-gas company has to manage a debt position of a certain magnitude.
Moody’s says bank on the price assumptions of oil at 33 dollars per barrel this year and $ 38 in 2017 and 43 dollars in 2018.
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