ExxonMobil lost its AAA credit rating for the first time in more than 80 years. S&P downgraded the oil supermajor, which was one of only a few U.S. companies that had the highest possible rating.
Another problem for the company is that it has struggled to replace its oil reserves, only making new discoveries to replace 67 percent of the oil it produced in 2015. "In our view, the company’s greatest business challenge is replacing its ongoing production," S&P said.
The ratings agency had put Exxon up for a credit review in February, and announced a downgrade to AA+ on April 26. There are only two other companies that have a AAA credit rating.
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