Integrated energy firms’ credit ratings
The table above shows that ExxonMobil (XOM) has the highest long-term credit rating of AA+ with a stable outlook, which means that the rating is not likely to change. Until April 26, 2016, ExxonMobil had held a AAA rating for more than 15 years before the recent drop in energy prices took a toll on the company’s rating.
Next in line is Chevron’s (CVX) AA- credit rating with a negative outlook. This rating was affirmed in 3Q16. The negative outlook implies that the rating could drop. Shell and BP have lower ratings than CVX, but they have a stable outlook as assigned by S&P.