Supermajor Shell long-term credit rating was cut to AA from AA+ by Standard & Poors Ratings Services, which cited the prospect of rising debt.
September 3rd, 2009:
Mounting debt leads to Shell rate cut
S&P Cuts Shell Rating One Notch As Debt Builds: downgrade a blemish on Shell’s record
THE WALL STREET JOURNAL: LONDON (Dow Jones)--Ratings agency Standard and Poor's Thursday downgraded its rating on debt issued by Royal Dutch Shell PLC (RDSB.LN) one notch to AA from AA+, saying the company's decision to maintain high capital expenditure and dividends despite pressures on cash flow is resulting in sizeable increases in debt. S&P also expressed concern over the size of the deficit in Shell's pension scheme, which stood at $25 billion at the end of 2008.
Shell slammed for breaching environmental legislation
Written by Lauren Steadman
Petrochemical company Shell has been cited for violating environmental legislation for a second time in less than a year.
The US Environmental Protection Agency (EPA) has issued both a complaint in which it proposed a penalty of $153,057 (£93,795) and a compliance order against Shell Chemical Yabucoa in Puerto Rico for disregarding the federal Clean Water Act.
Acting regional administrator George Pavlou said that the EPA will continue to hold to account anyone who violates the laws that protect the island’s waters.
The Right Game
Kindly supplied by a regular contributor…
The attachment might be of interest to some of your readers I have only skimmed through it, but some of the points are very interesting and reflect the prevailing technical views within the industry.
Shell Faces Reduced Interest in New Zealand Assets, Review Says
By Robert Fenner
Sept. 3 (Bloomberg) — Royal Dutch Shell Plc may be getting less interest from bidders for its NZ$600 million ($404 million) worth of refinery and retail assets in New Zealand, the Australian Financial Review reported in its Street Talk column
Private equity firms that may bid for the assets have thinned, the newspaper reported, without saying where it got the information.
Caltex Australia Ltd. and closely held Gull have talked about their interest in the assets, the newspaper said.
Beyond pandemonium
Financial Times
By Andrew Hill
Published: September 3 2009 03:00 | Last updated: September 3 2009 03:00
New find, new era? BP’s giant discovery in the Gulf of Mexico could symbolise a post-Browne revival. Since Lord Browne stepped down in May 2007 , his departure accelerated by scandal, BP has become a more conservative, prudent company. With the visionary but imperial peer at the helm, it grew bigger but sailed into violent storms – not least over safety.
Find eases concerns for BP’s growth
Financial Times
By Ed Crooks
Published: September 3 2009 03:00 | Last updated: September 3 2009 03:00
BP’s oil find in the US Gulf of Mexico helps ease one of the biggest concerns about its future: its growth outlook in the next decade.