ExxonMobil just lost it’s AAA credit rating for the first time since 1930

S&P credit rating services downgraded debt of ExxonMobil from the top rating of AAA to AA+ on Tuesday.

This is a huge move, Exxon has held it’s AAA since 1930 according to a report from Bloomberg.

Additionally, the downgrade comes as the oil industry is experiencing a serious down turn. Low prices have lead to plummeting profits, a deterioration in credit conditions and a major increase in bankruptcies for the sector.

More to come…

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