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European rating agency. Objective, transparent, independent.

TotalEnergies SE

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
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

  • 07.05.2021
    Creditreform Rating has adjusted the unsolicited corporate issuer ratings of Total SE from AA- to A+. The outlook has been revised from negative to stable. The most important factors that led to this rating adjustment were the impaired business performance of the Company in 2020, which was impacted by lower oil and gas prices due to controversies within OPEC+, as well as the impact of the COVID-19 pandemic, and the resulting significant deterioration in the outcome of the key financial ratios analysis. Macroeconomic developments, which reflected a decline in demand for oil and gas, led to a reduction in production, as well as an impairment effect, and thus significantly burdened the Group's operating business. We assume that, with progress towards a sustainable containment of the COVID-19 pandemic, and an economic recovery in 2021 and 2022, oil and gas prices as well as demand will improve. This in turn should improve both sales - with a higher capacity utilization of the production facilities - profit margins, and thus lead to positive annual results again. The Total Group's improved business performance in the first quarter of 2021 supports our assessment of a stable outlook.

    At the ordinary and extraordinary shareholders´ meeting on May 28, 2021, the shareholders decided to rename Total SE to TotalEnergies SE. The current rating of the former Total SE will be continued under the name TotalEnergies SE by Creditreform Rating AG.
  • 14.04.2020
    Creditreform Rating has revised the outlook for the corporate issuer rating of Total S.A. 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 rating 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 S.A. The rating has been set to AA- with stable outlook. The current rating of AA- attests Total S.A. a very high level of creditworthiness, which represents a low default risk. The rating result of Total S.A. 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.