Key ratings agency Moody’s has downgraded a string of the largest international oil firms over the past six weeks. Gulf sovereigns remain on review on a downgrade: they may see lending costs rise just as they seek to raise funds.

Ratings agency Moody’s earlier this month completed a review of the credit rating it ascribes to the world’s largest publicly-quoted oil companies. Shell, Chevron and Eni were all downgraded by one notch, and Total by two (see box, p17).

All eyes...