Exxon Mobil Credit Rating Gets Cut Amid Virus-Led Hit to Energy By Investing.com

Fed to skip hike in June, hop into long pause before jump to cuts: Morgan Stanley

Exxon Mobil Credit Rating Gets Cut Amid Virus-Led Hit to Energy

Published Mar 16, 2020 02:00PM ET

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Exxon Mobil Credit Rating Gets Cut Amid Virus-Led Hit to Energy

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By Yasin Ebrahim

Investing – Oil major Exxon Mobil continued its selloff on Monday after its credit worthiness took a hit following a downgrade from rating agency S&P.

Exxon Mobil (NYSE:XOM) was down more than 7%.

S&P cuts its rating on Exxon Mobil's debt to AA from AA+, and maintained its negative outlook, indicating another cut could come soon.

The cut comes as Wall Street continues to grow bearish on energy companies amid a plunge in energy prices due to Covid-19 outbreak.

RBC downgraded Exxon to underperform from sector perform and cut its price target on the stock to $40 from $55.

"Our cash flow estimates for XOM are 30% lower in 2020 and 22% lower in 2021," RBC said.

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