February 22, 2016 / 9:21 PM / 3 years ago

S&P cuts rating on BP, Total and Statoil

Feb 22 (Reuters) - Standard & Poor’s cut its corporate credit ratings on BP, Total SA and Statoil ASA , citing the Europe-based oil and gas companies’ persistent weak debt coverage measures over 2015-2017.

The ratings agency on Monday cut the long- and short-term corporate credit ratings on BP Plc to 'A minus/A-2' from 'A/A-1' with a stable outlook. (bit.ly/24mtw4j)

S&P lowered the long- and short-term corporate credit ratings on Total S.A. to ‘A plus/A-1’ from ‘AA-/A-1 plus’ and assigned a negative outlook.

The ratings agency also cut the long- and short-term corporate credit ratings on Statoil ASA to ‘A plus/A-1’ from ‘AA minus/A-1 plus’ and assigned a stable outlook.

Standard and Poor’s had lowered its ratings on some U.S. exploration & production companies after price assumption revisions earlier this month. (Reporting by Tanvi Mehta in Bengaluru;Editing by Sriraj Kalluvila)

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