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24 January, 2016 00:00 00 AM
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Moody’s reviews 120 oil, gas firms for possible downgrade

AFP

AFP, SINGAPORE: Credit evaluator Moody’s said on Friday it has placed the ratings of 120 oil and gas firms worldwide under review for possible downgrade due to plunging crude prices.
“These reviews reflect a mix of declining prices that are near multi-year lows, weakening demand and a prolonged period of oversupply that will continue to significantly stress the credit profiles of companies in the oil and gas sector,” the firm said in a statement.
“The actions also reflect Moody’s effort to recalibrate the ratings in the oil and gas portfolios to align with the fundamental shifts in credit conditions.” About half of the firms under review come from the United States.
“Oil prices have deteriorated substantially in the past few weeks and have reached nominal price lows not seen in more than a decade,” Moody’s said.
“We see a substantial risk that prices may recover much more slowly over the medium term than many companies expect, as well as a risk that prices might fall further,” it added.
“Even under a scenario with a modest recovery from current prices, producing companies and the drillers and service companies that support them will experience rising financial stress with much lower cash flows.”
Crude prices have been hammered during the past three weeks, falling about 75 per cent in 18 months on a supply glut, weak demand, overproduction and a slowing global economy.
Adding to downside pressure is the return of Iranian crude into the market after the lifting of Western sanctions, offsetting any output cuts from other countries.

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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