Extract from “Today’s Top Equity Ratings Changes”
By Andrea Tryphonides
Another week begins and we are here to guide you through the top rating changes in Europe Monday:
Firstly Credit Suisse has downgraded Royal Dutch Shell to neutral from outperform following the companys fourth quarter results released on Feb. 2. The brokerage highlights lower 2012-15 free cash flow estimates, cut by 22% due to higher capital expenditure. Also, it sees little potential for Shell to re-rate on multiples given sector-average free cash and dividend growth in the medium term.
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