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Moody's places 175 oil, gas and mining companies on review for downgrade

Jan. 22, 2016 8:28 AM ETShell plc (SHEL) StockXLE, IYE, OIH, NEM, VDE, BP, AA, RIG, PXE, PXJ, TTE, NOV, SLB, SHEL, IEO, IEZ, XES, XOP, BGR, FIF, RSPG, DUG, DIG, PXI, FXN, FCG, DDG, ERY, ERX, VALE, GASL, NDP, FENY, EQNR, DO, CHKBy: Carl Surran, SA News Editor73 Comments
  • Moody's places 120 oil and gas companies on review for a downgrade, in a sweeping global review that includes all major regions and ranges from the world's top global majors such as Royal Dutch Shell (RDS.A, RDS.B), Total (NYSE:TOT) and BP to 69 U.S. E&P and services firms.
  • Warning of "a substantial risk that prices may recover much more slowly over the medium term than many companies expect, as well as a risk that prices might fall further," Moody's now sees both WTI and Brent crude averaging $33/bbl this year, a $7 cut for WTI and a $10 reduction for Brent from its previous forecast.
  • The ratings firm also places 55 mining companies on review for downgrade as they battle a slump in commodity prices.
  • Among the companies placed on review are Alcoa (NYSE:AA), Schlumberger (NYSE:SLB), Chesapeake Energy (NYSE:CHK), Transocean (NYSE:RIG), Statoil (STO), Vale (NYSE:VALE), Goldcorp (NYSE:GG), National Oilwell Varco (NYSE:NOV) and Diamond Offshore (NYSE:DO).
  • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, FCG, DIG, GASL, DUG, BGR, XES, IYE, IEO, IEZ, FENY, PXE, PXI, FIF, PXJ, NDP, RYE, FXN, DDG

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