S&P trims Santos

Standard & Poor’s said it lowered its long-term corporate credit and issue credit ratings on the senior notes of Santos Ltd. to BBB from BBB+ and lowered the issue credit rating on Santos’ hybrid notes to BBB- from BBB.

The short-term corporate credit rating was affirmed at A-2. The outlook on the long-term corporate credit rating remains negative.

“The rating action reflects the pressure on Santos earnings and cash flows from the rapid fall in oil prices,” said S&P credit analyst Craig Parker in a news release. “This pressure, together with the sizable capital expenditure committed for the completion its GLNG project, will significantly weaken Santos’ credit metrics.”

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