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European rating agency. Objective, transparent, independent.

TotalEnergies Capital S.A.

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
A+ Outlook STA 19.05.2022 24.05.2022
A+ Outlook STA 04.05.2021 07.05.2021
AA- Outlook NEG 07.04.2020 14.04.2020
AA- Outlook STA 07.11.2019 15.11.2019

News

  • 24.05.2022
    Creditreform Rating has affirmed the unsolicited corporate issuer rating of TotalEnergies SE as well as the unsolicited corporate issuer ratings of TotalEnergies Capital S.A. and TotalEnergies Capital International S.A. at A+. Creditreform Rating has also affirmed the unsolicited corporate issue ratings of the long-term local currency senior unsecured notes issued by TotalEnergies Capital S.A. and TotalEnergies Capital International S.A. at A+. These issues are included in the list of ECB-eligible marketable assets, which can be found on the ECB's website. The outlook for the ratings remains stable. For more details regarding the ratings, please refer to our rating report below.
  • 07.05.2021
    Creditreform Rating has adjusted the unsolicited corporate issuer rating of Total Capital S.A. from AA- to A+. The outlook has been revised from negative to stable. Total Capital S.A.'s activity is the provision of financial activities to the Total SE. Due to the financial-, liability and corporate law relationship to the Total SE the unsolicited corporate issuer rating of Total Capital S.A. equates with the unsolicited corporate issuer rating of Total SE, which is A+ / stable.At the ordinary and extraordinary shareholders´ meeting on May 28, 2021, the shareholders decided to rename Total to TotalEnergies. The current rating of the former Total Capital S.A. will be continued under the name TotalEnergies Capital S.A. by Creditreform Rating AG.
  • 14.04.2020
    Creditreform Rating has revised the outlook for the corporate issuer rating of Total Capital S.A. and the rating of its long-term local currency senior unsecured issues and changed it to negative from stable. The main reasons behind this decision are the drop in oil prices combined with the decline in refining margins, as well as the overall economic and social implications of the coronavirus pandemic, with a looming global economic slowdown. Creditreform Rating affirms the ratings at AA-, but expects a deterioration of the financial metrics of Total if these effects persist.
  • 15.11.2019
    Creditreform Rating has carried out an unsolicited rating of Total Capital S.A. The rating has been set to AA- with stable outlook. The rating assessment is derived from the unsolicited corporate issuer rating of the parent company Total S.A. (AA- / stable) due to corporate and liability laws as well as financial and strategic interdependencies. The rating result of Total Group reflects its large size, stable market position, sustainably strong earnings capacity, sound investment and financial policies, as well as its solid liquidity. The Company´s activities comprise the upstream and downstream businesses and are geographically very well-diversified, whereby the processing facilities and distribution of petroleum products are chiefly concentrated in Europe. In the 2018 financial year, as well as in 2019, the Group managed to significantly increase its production based on a range of new projects and start-ups in the Exploration & Production segment, while focusing on maintaining a solid pre-dividend breakeven. The downstream activities Refining & Chemicals and Marketing & Services contribute to the positive results, generating additional cash flows and helping to offset negative developments in crude oil and natural gas prices. The Company has been preparing to the global shift in energy mix and expanding into relatively new businesses, such as low carbon electricity generation, energy efficiency projects and especially LNG.