Moody's Investors Service puts 69 US exploration and production (E&P) and oilfield services cos. on review for ratings downgrade, agency says Friday.
• Producing cos. and drillers and service cos. supporting them to see rising financial stress: Moody's
• Moody's also reevaluating higher and lower rated cos.
• Lower oil prices to further weaken cash flows for E&P cos. and upstream portion of integrated oil and gas cos.
• Credit quality seen deteriorating for all drilling and oilfield services players in 2016
• Multi-notch downgrades particularly likely among issuers whose activities are centered in North America
• Moody's expects to conclude a majority of the reviews by the end of the first quarter.