Falling global oil prices have seen the largest US oil producer, Exxon Mobil, lose its coveted AAA credit rating – a rating it has held since 1930. Standard & Poor’s now rates the company AA+, the same level as the US government.
The rating cut is not that much of a surprise as S&P had placed the company on notice in February but the company had been working hard behind the scenes to maintain the lofty rating. Only two companies in the world are left with a AAA rating – Microsoft and Johnson & Johnson.
In 1980, there were more than 60 US companies with AAA ratings. That number declined to six in 2008. General Electric, Pfizer, ADP and now Exxon Mobil have since fallen out of that illustrious group.