Yarington and Watson in 4th QT earnings call tried their best to convince investors that they shouldon't not be downgraded. Strong balanve sheet they yelled from the roof tops. But it was not heard by Moody's. Exxon is still at a AAA but negative outlook. Moody's rating algorithm has a horrible storm hitting Chevron in a prolonged price collapse.
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Financial performances ratio trends don't lie. Chevron's are trending down more than our benchmark competitors.
That "strong" balance sheet won't be so strong anymore if we keep selling our revenue producing assets. We are burning through cash starting with that damn dividend.