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Oil companies' 5-year CDS rise after S&P rating actions, BP loss -Markit

Reuters - UK Focus

LONDON, Feb 2 (Reuters) - The cost of insuring exposure to the debt of six integrated European oil and gas companies rose by as much as 32 basis points on Tuesday after ratings actions by Standard & Poor's and BP's worst annual loss in over 20 years.

Standard & Poor's cut its rating on Royal Dutch Shell (Xetra: R6C1.DE - news) on Monday and put it together with five other companies on creditwatch with negative implications.

Data from Markit (NasdaqGS: MRKT - news) showed that five-year credit default swaps (CDS) for Shell (LSE: RDSB.L - news) rose 11 basis points on the day to 140 basis points (bps).

BP's CDS rose 14 bps to 152 bps after reporting its worst annual loss in over 20 years in 2015.

CDS for Spain's Repsol (Amsterdam: RP6.AS - news) jumped 32 basis points to 411 bps. Meanwhile CDS for Total (Swiss: FP.SW - news) , ENI (NYSE: E - news) and Statoil (Xetra: 675213 - news) rose between 10 and 11 basis points. (Reporting by Claire Milhench, editing by Karin Strohecker)