Credit rating agency S&P is more negative about the outlook at gas and oil group Shell. The British-Dutch company, like the entire oil industry, is experiencing sharply declining oil prices, as a result of the price war that has sparked Saudi Arabia. S&P maintains its AA rating for Shell for the time being, but plans to reduce it soon.

According to S&P, the dip in oil prices will lead to a considerably lower operating cash flow from Shell in 2020. At the same time, the oil giant has little room to take on more debt without affecting its own creditworthiness.

S&P is therefore lowering its outlook for Shell to ‘negative’, while this was previously ‘stable’. The judgment for long-term loans to Shell remains AA-. That for short-term credit remains A-1 +.