July Credit Consensus Indicators (CCIs) – UK, EU and US Oil & Gas

Credit Benchmark have released the July Credit Consensus Indicators (CCIs). The CCI is an index of forward-looking credit opinions for US, UK and EU Oil & Gas firms based on the consensus views of over 20,000 credit analysts at 40+ of the world’s leading financial institutions.

Drawn from more than 950,000 contributed credit observations, the CCI tracks the total number of upgrades and downgrades made each month by credit analysts to chart the long-term trend in analyst sentiment for Oil & Gas firms. A monthly CCI score of 50 indicates neutral credit quality, with an equal number of upgrades and downgrades made over the course of a month. Scores above 50 indicate that credit quality is improving. Scores below 50 indicate that credit quality is deteriorating.

UK and US Oil & Gas firms continue their streaks of consistently positive CCI scores, with 7 months and 17 months of net credit improvement respectively. EU Oil & Gas firms have travelled a bumpier road, with alternating positive and negative scores this year, ending on a neutral credit quality position in the most recent update.

UK Oil & Gas: Little Month-on-Month Change

UK Oil & Gas firms continue their run of improvements, with CCI scores above 50 for 7 consecutive months.

The UK Oil & Gas CCI score is 51.6, a modest positive reading but little month-on-month change.

UK Oil & Gas firms are seeking further finance before the middle of the fourth quarter to fund oil exploration in Turkey, giving a promising positive outlook.


EU Oil & Gas: Neutral Credit Quality

EU Oil & Gas firms have experienced some instability in their collective
credit quality this year, with multiple reversals between improving and
deteriorating credit quality.

This month, the EU Oil & Gas CCI score is 50, suggesting neutral credit

Recently, Russia resumed gas flows to Europe after fears of a total
shutdown, which is likely to be reflected in the EU Oil & Gas CCI in
coming months


US Oil & Gas: Trend of Net Improvement Persists

US Oil & Gas firms have gone from strength to strength, boasting CCI
scores above 50 for 17 consecutive months and maintaining long-term
net positive credit quality.

Continuing a positive run, the US Oil & Gas CCI score sits at 55.4 this
month, a small drop from last month’s CCI of 56.

US petroleum demand, as measured by total domestic petroleum
deliveries, rose slightly in June, a contributing factor to the improving
credit quality.


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    Credit Benchmark brings together internal credit risk views from over 40 leading global financial institutions. The contributions are anonymized, aggregated, and published in the form of consensus ratings and aggregate analytics to provide an independent, real-world perspective of credit risk. Risk and investment professionals at banks, insurance companies, asset managers and other financial firms use the data for insights into the unrated, monitoring and alerting within their portfolios, benchmarking, assessing and analyzing trends, and fulfilling regulatory requirements and capital.