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…