Fitch downgrades Shell's credit rating amid debt concerns

1st April 2011, Comments 0 comments

Ratings agency Fitch on Friday downgraded Royal Dutch Shell's long-term credit-worthiness to AA from AA+ due to concerns over the Anglo-Dutch energy giant's rising debt levels.

"The downgrade reflects the fact that management fundamentally departed from its conservative financial profile with the increase in net debt of around $17 billion in 2009 and $5.6 billion in 2010," Jeffrey Woodruff, senior director in Fitch's Energy team, said in a statement.

© 2011 AFP

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