NEW YORK: Moody’s downgraded the debt ratings of Exxon Mobil Corp by a notch to Aa2 from Aa1, saying that the company’s policy to maintain its large dividend will slow down its debt-reduction process.
The coronavirus pandemic hammered energy prices and reduced the value of the US oil producer’s shale gas properties by more than US$20bil (RM82.67bil), with the company posting a historic annual loss for 2020.
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