We assume Exxon Mobil Corp. (ExxonMobil) will generate substantial free cash flow under our recently updated price assumptions. In addition, we forecast its financial measures will be very strong over the next 24 months, including funds from operations (FFO) to debt comfortably exceeding 60%. Therefore, we revised our outlook on ExxonMobil to stable from negative and affirmed our 'AA-' long-term issuer credit rating, our 'A-1+' short-term and commercial paper (CP) ratings, and our 'AA-' issue-level rating on its unsecured debt. The stable outlook reflects our expectation that the company will maintain strong financial measures supported by a disciplined financial policy, under which it will adjust the level of capital spending and shareholder returns according to its expected cash flow. The
