London, 08 April 2016 -- Moody's Investors Service (Moody's) has today downgraded the senior unsecured ratings of France's largest company, Total S.A. (Total), to Aa3/(P)Aa3 from Aa1/(P)Aa1 and its junior subordinate ratings to A2 from Aa3 to reflect continuing pressure on the firm's operating cash flow and credit metrics as a result of sustained oil price weakness. At the same time, Moody's affirmed Total's P-1/ (P)P-1 short-term ratings. The outlook on all ratings is stable. Today's action concludes the review for downgrade initiated by Moody's on 22 January 2016.

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