We have completed our review of Exxon Mobil Corp. in the context of our expectations for oil and natural gas prices, the company's reinvestment requirements, ability to control operating costs, and its financial policies. We forecast that Exxon Mobil's credit measures, including free operating cash flow (FOCF) to debt and discretionary cash flow (DCF) to debt, will remain below our expectations for the 'AAA' rating through 2018. We are lowering our long-term corporate credit and issue-level ratings on the company's unsecured debt to 'AA+' from 'AAA'. Our short-term corporate credit and commercial paper rating remain unchanged 'A-1+'. The outlook is stable. On April 25, 2016, Standard&Poor's Ratings Services lowered its corporate credit and long-term debt ratings on Irving,
