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UPDATED 1 Sept: The EI library in London is temporarily closed to the public, as a precautionary measure in light of the ongoing COVID-19 situation. The Knowledge Service will still be answering email queries via email , or via live chats during working hours (09:15-17:00 GMT). Our e-library is always open for members here: eLibrary , for full-text access to over 200 e-books and millions of articles. Thank you for your patience.
Firm oil prices steady EMEA oil and gas sector Standard & Poor’s (S&P) rec ...
Firm oil prices steady EMEA oil and gas sector Standard & Poor’s (S&P) recently published commentary on the EMEA (Europe, Middle East and Africa) oil and gas sector, states that credit quality among companies it rates ‘should stay relatively steady over the coming quarters’. However, although the outlooks on most of S&P’s oil and gas ratings are stable (with some positive), there are some negative outlooks, with two mirroring their respective sovereign ratings. In line with S&P’s oil prices used to compare companies, an assumed $10 price decline in 2013 could squeeze free cash flows next year in view of generally high capital expenditures. S&P currently rates 36 companies across the industry and, since the start of 2012, has downgraded six of them and upgraded one; 33% of ratings are in the ‘BBB’ category. Several downgrades stemmed mainly from sovereign rating changes and materialising country risks (South Africa-based Sasol, BBB/Negative/A-2) that also resulted in negative outlook revisions (such as Italian-based Eni, A/Negative/A-1, and Argentina’s Repsol, BBB-/Stable/A-3). Production and price volatility continues to affect quarterly performance. While upstream companies benefit from oil and gas price trends, downstream companies are holding steady but overcapacity still plagues Europe, comments S&P.
