Exxon Mobil loses ‘AAA’ rating

Exxon Mobil was demoted from the top credit rating by Standard & Poor’s for the first time since the Great Depression as the collapse of the biggest oil-market rally in history strangled cash flows.

The global crude explorer, with sales that dwarf the economies of most nations, sought to retain the AAA rating when S&P placed it on notice in February.

It comes as Saudi Arabia said it planned a massive initial public offering of shares in its state-owned oil giant Aramco.