By Yasin Ebrahim
Investing – Exxon Mobile continued its selloff on Monday after its credit worthiness took a hit following a downgrade from rating agency S&P.
Exxon Mobil (NYSE:XOM) was down more than 7%.
S&P cuts its rating on Exxon Mobile's debt to AA from AA+, and maintained its negative outlook, indicating another cut could come soon.
The cut comes as the Wall Street continues to grow bearish on energy companies amid a plunge in energy prices due to Covid-19 outbreak.
RBC downgraded Exxon to underperform from sector perform and cut its price target on the stock to $40 from $55.
"Our cash flow estimates for XOM are 30% lower in 2020 and 22% lower in 2021," RBC said.
