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…

NOW WATCH: Here’s what scientists think aliens could actually look like

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.