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Announcement:

Moody's places energy and metals & mining issuers on review for downgrade

Global Credit Research - 22 Jan 2016

New York, January 22, 2016 -- Moody's Investors Service has placed the ratings of 120 oil & gas companies and 55 mining companies on review for downgrade.

These reviews reflect a mix of declining prices that are near multi-year lows, weakening demand and a prolonged period of oversupply that will continue to significantly stress the credit profiles of companies in these sectors.

The actions also reflect Moody's effort to recalibrate the ratings in the oil & gas and mining & metals portfolios to align with the fundamental shifts in the credit conditions of these sectors.

For more detailed information, please see the following press releases:

Oil & Gas Sector:

Americas -- US: Moody's reviews energy companies in the US for downgrade (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342569)

Americas -- Canada: Moody's reviews energy companies in Canada for downgrade (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342429)

Americas -- Latin America:

Moody's reviews energy companies in Latin America for downgrade (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342457)

Moody's reviews Pemex and other energy companies in Latin America for downgrade (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342457)

Moody's coloca las calificaciones de Pemex y otra empresas de energía en América Latina en revisión a la baja (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342458)

EMEA: Moody's reviews energy companies the EMEA region for downgrade (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342641)

EMEA: Moody's reviews four European energy companies and related entities for downgrade (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342639)

Moody's Interfax reviews for downgrade national scale ratings of 8 Russian non-financial corporates (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342533)

Asia-Pacific -- Singapore: Moody's reviews 7 south and south east Asian energy companies for downgrade (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342471)

Asia-Pacific -- China: Moody's reviews Chinese energy companies for downgrade (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342688)

Asia-Pacific -- Australia: Moody's reviews energy companies for downgrade (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342685)

Asia-Pacific -- Australia: Moody's places Origin Energy and Origin Energy Finance's ratings on review for downgrade (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342616)

Metals & Mining Sector:

Americas - US: Moody's 11 mining companies in the US on review for downgrade (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342543)

Americas - Canada: Moody's places 12 mining companies rated in Canada on review for downgrade (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342388)

Americas - Latin America:

Moody's places 9 mining companies in Latin America on review for downgrade (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342435)

Moody's coloca las calificaciones de 9 compañías mineras en Latinoamérica en revisión a la baja (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342675)

Moody's coloca ratings de 9 mineradoras na América Latina em revisão para rebaixamento (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342674)

Moody's places Vale's ratings on review for downgrade (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342408)

Moody's coloca ratings da Vale em revisão para rebaixamento (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342409)

Moody's places Minera Frisco ratings on review for downgrade (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342653)

Moody's coloca las calificaciones de Minera Frisco en revisión a la baja (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342654)

Moody's places Peñoles' ratings on review for downgrade (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342425)

Moody's coloca las calificaciones de Industrias Peñoles en revisión a la baja (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342428)

EMEA: Moody's places 12 mining companies in the EMEA region on review for downgrade (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342628)

EMEA -- Russia: Moody's Interfax reviews for downgrade national scale ratings of 8 Russian non-financial corporates (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342533)

Asia-Pacific:

Hong Kong: Moody's places four mining companies in China on review for downgrade (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342497)

Australia: Moody's places four mining companies in Australia on review for downgrade (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342504)

Singapore: Moody's places three mining companies in the South and Southeast Asia region on review for downgrade (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_342501)

***

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Steven Wood
MD - Corporate Finance
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Brian Oak
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Anke Richter
Associate Managing Director
Corporate Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service, Inc.
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New York, NY 10007
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JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's places energy and metals & mining issuers on review for downgrade
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