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Action items: S&P changes outlook on Exxon Mobil; Calpine flagged for downgrade

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Action items: S&P changes outlook on Exxon Mobil; Calpine flagged for downgrade

S&P Global Market Intelligence presents a periodic rundown of selected ratings actions on U.S. and Canadian energy companies. The changes, confined to upgrades, downgrades and changes in outlook, are listed by announcement date in reverse chronological order.

May 24

* S&P Global Ratings affirmed Enable Midstream Partners LP' BB+ corporate credit and issue-level ratings and revised the outlook to positive from stable, expecting a continued improvement on the company's scale over the next 12 months while maintaining adequate liquidity, resulting in an adjusted EBITDA of above $950 million in 2018.

* S&P Global Ratings affirmed Exxon Mobil Corp.'s AA+ ratings but gave the company a negative outlook, reflecting a high level of financial leverage for Exxon's rating and signaling a potential downgrade if credit measures do not measure up in the next two years.

May 22

* Fitch Ratings affirmed Calpine Corp.'s long-term issuer default rating at B+, with a stable outlook. Fitch expects that Calpine will generate free cash flow of approximately $500 million for 2017, which could increase to more than $800 million by 2019.

May 15

* Moody's flagged Calpine Corp. for downgrade over the possibility of a private-equity buyout. Moody's also added that private-equity firms will remain on the lookout for acquisitions of merchant power companies due to their low valuations and small enough market capitalizations.

* Moody's raised Sabine Pass Liquefaction LLC's rating to investment grade as it reliably continues development of the liquefaction trains at the Sabine Pass LNG export terminal in Louisiana. The rating agency upgraded the Cheniere Energy Inc. subsidiary's senior secured bonds to Baa3 from Ba1, with a stable outlook.