S&P acts on European oil, gas chain

S&P said today it taken rating actions on eight Europe, Middle East and Africa-based companies following the oil price collapse, as part of its global review of the oil and gas industry.

The agency downgraded CGG, PGS ASA and Raffinerie Heide GmbH to B- from B. The outlook is stable on CGG and Heide, but S&P put PGS on negative watch.

S&P also lowered Vallourec and Shelf Drilling Holdings Ltd. to CCC+ from B-. Vallourec was put on developing watch from positive.

The outlooks for Welltec A/S and ADES International Holding Ltd. were changed to negative from stable.

Lastly, S&P downgraded Corral Petroleum Holdings AB to B from B+ and revised the outlook to negative from positive.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.