Exxon Faces First Downgrade Since Depression as Oil Rout Worsens
- Chevron's debt rating cut by S&P for first time since 1987
- Exxon, BP, Total may be next amid reviews of credit metrics
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Exxon Mobil Corp., one of three U.S. companies with Standard & Poor’s highest rating, is facing its first downgrade in 86 years as the worst crude-market collapse in a generation strangles oil producers of cash.
For Exxon, that would be a historic event: the global explorer that traces its roots to the 19th century and John D. Rockefeller’s Standard Oil Trust has been rated AAA by S&P since 1930. The oil giant was placed on credit watch with negative implications because its credit measures probably will remain weak through 2018, S&P said Tuesday.