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.