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Rating agency S&P Global on Tuesday lowered its assumptions for the average price of Brent crude to $40 a barrel and warned that some junk-rated oil and gas companies could face multiple credit ratings
.
S&P had previously expected Brent crude to average $60 this year
.
At the same time, it also lowered its forecast for next year from $55 to $50 and lowered its price assumption for Henry Hub gas to $
2 from the previous $2.
25 per million British heat.
"Rating actions for oil and gas producing companies in the investment grade category are likely to be tougher
than in the previous cycle," Standard & Poor's said.
”
Standard & Poor's added: "For high-yield bonds, especially those issuers that are not hedged, those that are maturing, and businesses whose borrowing-based revolving lines of credit are somewhat squeezed, they are likely to face multiple downgrades
.
" ”
Rating agency S&P Global on Tuesday lowered its assumptions for the average price of Brent crude to $40 a barrel and warned that some junk-rated oil and gas companies could face multiple credit ratings
.
S&P had previously expected Brent crude to average $60 this year
.
At the same time, it also lowered its forecast for next year from $55 to $50 and lowered its price assumption for Henry Hub gas to $
2 from the previous $2.
25 per million British heat.
"Rating actions for oil and gas producing companies in the investment grade category are likely to be tougher
than in the previous cycle," Standard & Poor's said.
”
Standard & Poor's added: "For high-yield bonds, especially those issuers that are not hedged, those that are maturing, and businesses whose borrowing-based revolving lines of credit are somewhat squeezed, they are likely to face multiple downgrades
.
" ”
