Exxon Mobil Corp. was demoted from the top credit rating by Standard & Poor’s for the first time since the Great Depression as the collapse of the biggest oil-market rally in history strangled cash flows.
The global crude explorer with sales that dwarf the economies of most nations sought to retain the AAA rating when S&P placed it on notice in February. Citing concern that credit measures would remain weak through 2018, S&P warned Exxon that it was in danger of losing the top grade first bestowed on the oil giant in 1930 and shared with just two other U.S. corporations. The rating was lowered to AA+, S&P said in a statement on Tuesday .... http://www.bloomberg.com
