Markets | Fri Apr 8, 2016
* Moody’s downgrades Royal Dutch Shell to aa2; negative outlook
* Ratings downgrades and negative outlook reflect Shell’s elevated leverage following the BG acquisition
* Under a low oil price scenario, we expect Shell to generate negative free cash flow at least through 2017
* Downgrade of Shell’s ratings is driven by expectations of negative free cash flow and weaker cash flow-based metrics at least through 2017
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