S&P had previously expected Brent to average $60 this year $60 previously.
Rating agency S&P Global slashed its average Brent oil price assumption for the year to $40 per barrel on March 10 and warned that some junk-rated oil and gas firms could face multi-notch downgrades to their credit scores.
S&P had previously expected Brent to average $60 this year $60 previously. It also cut its forecasts for next year to $50 from $55 and its Henry Hub gas price assumptions for this year to $2 per million British Thermal Units from $2.25 previously.
"It's likely rating actions (for oil and gas production companies) in the investment-grade category could be more severe than during the last cycle," S&P said, adding that it would review all its exploration and production and oilfield services ratings over the next several weeks.