S&P takes rating actions on 14 European E&P companies

• Standard & Poor's says it has taken rating actions on 14 European oil and gas E&P companies, mostly reflecting weak debt coverage measures and sometimes material negative discretionary cash flow after capex and dividends.
• S&P downgrades Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) to B+ from BB- and EnQuest (OTCPK:ENQUF) to B from B+, with a negative outlook for both companies.
• The ratings agency lowered outlooks for BP, Eni (NYSE:E), Repsol (OTCQX:REPYF,OTCQX:REPYY) and Statoil (STO) to negative.
• Royal Dutch Shell (RDS.A, RDS.B) and Total (NYSE:TOT) are affirmed with AA-/A-1+ corporate credit ratings and negative outlooks.