Missing oil prompts Shell downgrade

Dutch oil giant Shell has lost its triple-A ratings from all three major rating agencies. Fitch and S&P downgraded its senior unsecured debt to AA+, while Moody’s downgraded the long-term debt ratings of its guaranteed subsidiaries from Aaa to Aa1. Shell has e3.9 billion of bond debt outstanding. There are now only 11 triple-A rated corporate credits.

Shell is beset by problems stemming from its persistent overstatement of its oil reserves up until January this year. The investor community was

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