S&P Cuts Tullow Oil’s Credit Rating

atings agency S&P Global on Friday downgraded Tullow Oil’s long-term credit rating to ‘B’ from ‘B+’, days after the Africa-focused company’s Chief Executive Officer stepped down and it scrapped its dividend.

The London-listed company, which failed to meet production targets due to weak performance by flagship assets in Ghana, has been plagued by technical problems at its Jubilee field in the country and a delay in completing a well at the TEN offshore field.

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