...Downgrade to `AA-': Fitch Ratings downgraded Total SA to `AA-' from `AA' in February 2015 to reflect its worsening, though still robust credit metrics and its high reliance on disposals to finance negative free cash flow (FCF). We also stabilised the Outlook on the expectation that Total's cash flows and credit metrics will be supported by rising upstream output from new projects coming on stream and ramping up in 2015-16, reduced capex budgets, improved opex discipline, and improved refining margins, at least in 2015. Weaker Financial Profile: At end-2014, Total's net funds from operations (FFO) adjusted leverage increased to 2.2x, up from 1.2x-1.3x in 2010-12 and 1.5x in 2013. This resulted mostly from a combination of high capex, lower operating cash flows and higher off-balance-sheet obligations. We expect Total's capex to edge down and the divestment programme to go ahead, but lower operating cash flows will affect credit metrics. We believe that Total's projected through-the-cycle...
