DBRS Discontinues Commercial Paper Ratings of Total S.A. and Subsidiaries

DBRS Limited (DBRS) has today discontinued the Commercial Paper ratings of Total S.A. (the Company) and its subsidiaries, Total Capital SA and Total Capital Canada Ltd. The ratings are being discontinued at the request of the Company. Previously, the Commercial Paper of the Company and its subsidiaries was rated R-1 (middle) with a Negative Trend. DBRS also notes the discontinuation is unrelated to the credit risk profile of the Company and its subsidiaries.

Notes:
The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

The applicable methodologies are Rating Companies in the Oil and Gas Industry (September 2015), DBRS Criteria: Commercial Paper Liquidity Support for Non-Bank Issuers (April 2015) and DBRS Criteria: Guarantees and Other Forms of Support (February 2016), which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.