S&P cuts Chevron

S&P said it lowered Chevron Corp.’s issuer and senior unsecured ratings to AA- from AA.

The downgrade follows S&P’s revised industry risk assessment for the oil and gas exploration and production sector, the agency said.

“As a result, we have revised the business risk profile on Chevron to strong from excellent. We note that strong is the highest level of business risk profile now possible for the industry. Due to the lower business risk profile, we have lowered the issuer credit and senior unsecured ratings of Chevron to AA- from AA,” S&P said in a press release.

The outlook is stable.

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