The Standard and Poor’s rating agency lowered the rating of Monday French oil companies  Total , Britain’s BP and Norway’s Statoil due to the impact of lower oil prices on their financial results.

A notch below

The notes of BP, Statoil ASA and Total were all three lowered a notch. Note Total receives a negative outlook, which means it could be lowered again in the next 6 to 18 months while those of BP and Statoil to get them a stable outlook. Total and Statoil notes are now “A + / A-1” and the BP of “A- / A-2”.

“Following the publication of preliminary financial results, we believe that current profiles and future debt of these groups will remain below our rating standards for two to three years to come as the industry adjusts to new lower price, “said the agency.

Investment down sharply

Total notably announced an austerity February 11 and no longer plans to invest 19 billion dollars in 2016, against a previous target of 20-21000000000 and 23 billion invested in 2015, he said in a statement. The amount will then be 17-19 billion from 2017. The French group also plans to continue to reduce its operational costs and its exploration budget.

S & P said its scenario for the three companies involved a price per barrel of Brent of 40 dollars for the remainder of 2016, $ 45 in 2017 and 50 dollars from 2018, returning to the 2015 level (52 dollars).

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