Credit rating agency Moody’s is more negative about the large oil and gas companies Total, BP and Equinor because of the slump in the oil sector due to the sharp fall in oil prices and the corona crisis. Moody’s puts the outlook for those companies at negative, which means that there may be a decrease in credit status.

The rating for the British BP remains A1. The French Total is Aa3 and the Norwegian Equinor’s rating is Aa2. Moody’s writes that the sharply lower oil prices and the corona crisis. will have a clear impact on the oil companies’ finances.

“The rapid and widespread spread of the corona virus, the deteriorating global economy and falling oil prices are causing a severe and deep credit shock in many sectors. The oil and gas industry is particularly affected,” said Moody’s.