Peter Koenig comments, Moody's downgrades Chevron, Royal Dutch Shell, Total

http://www.youtube.com/watch?v=SjMiwvJFwXw
The international rating agency, Moody’s, has downgraded the world’s three largest oil companies over the declining prices.
Moody's revised its outlook for Chevron, Royal Dutch Shell and Total reducing their ratings between one and two notches. According to the New York-based rating company, the action was taken on the expectation that oil prices will stay low for longer and cause leverage concerns. The statement also cautions that the three oil giants will remain under pressure throughout this year and next. Oil companies are having their credit ratings cut as the collapse in crude prices reduces cash flows and limits their ability to sustain debt payments. New York and other stock exchanges around the world have witnessed oil prices nosedived more than 60% from a mid-2014 peak.