...Over the course of 2009 Fitch Ratings expects European integrated oil and gas companies to maintain healthy credit metrics despite the agency s anticipation of a slowdown in global economic growth, a reduction in demand for crude oil, and greater volatility in crude oil prices than in recent years. Downstream refining capacity additions of around 1.2 million barrels per day, which commenced in 2007, are expected to be largely completed by 2009. Fitch expects refining margins in 2009 to continue to come under pressure, but some scope for improvement exists as crude prices decline and refinery utilisation rates remains broadly stable. Additionally, merger and acquisition activity in the industry is expected to increase globally, as o il prices decline and major oil companies have accumulated large cash positions. Fitch, however, sees limited opportunities for European majors to participate in such activity as prime takeover targets...