BP PLC, Total S.A., And Statoil ASA Downgraded After Oil Price Assumptions Revised And Annual Results Released

The weak industry outlook and our Jan. 12, 2016, revision of our oil price assumptions led us to place major European oil and gas companies on CreditWatch with negative implications on Feb. 1, 2016. Following the publication of preliminary annual results, we believe these companies' current and prospective core debt coverage metrics are likely to remain below our rating guidelines for two or three years as the industry adjusts to lower prices. We are therefore lowering our ratings on BP PLC, Total S.A., and Statoil ASA by one notch and removing them from CreditWatch negative. The outlook on BP and Statoil is stable and the outlook on Total is negative. LONDON (Standard&Poor's) Feb. 22, 2016--Standard&Poor's Ratings

...+ The weak industry outlook and our Jan. 12, 2016, revision of our oil price assumptions led us to place major European oil and gas companies on CreditWatch with negative implications on Feb. 1, 2016. + Following the publication of preliminary annual results, we believe these companies' current and prospective core debt coverage metrics are likely to remain below our rating guidelines for two or three years as the industry adjusts to lower prices. + We are therefore lowering our ratings on BP PLC, Total S.A., and Statoil ASA by one notch and removing them from CreditWatch negative. + The outlook on BP and Statoil is stable and the outlook on Total is negative. LONDON (Standard & Poor's) Feb. 22, 2016--Standard & Poor's Ratings Services said today that it had lowered the ratings on three parent companies of major Europe-based integrated oil and gas groups as part of our review of the sector. Specifically, we: + Lowered the long- and short-term corporate credit ratings on BP PLC to 'A-/A-2'...

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