Moody's Places 120 Oil-and-gas Companies On Review For Downgrade

Moody's Investors Service has placed the ratings of 120 oil and gas companies around the world on review for a possible downgrade as the oil price remains at multi-year lows. The rating agency said it expects the mix of the low price, oversupply and weak demand to "significantly stress the credit profiles" of companies in the sector. Moody's also lowered its oil price estimate for West Texas Intermediate and Brent crude to $33 a barrel in 2016, followed by $38 a barrel in 2017 and $43 a barrel in 2018. It lowered its stress-case scenario oil price estimate to $25 a barrel for both WTI and Brent. The big name oil companies on review for downgrade include Schlumberger , Transcoean , Pemex and Gazprom.