Chevron Corporation: Rating Report

On December 27, 2019, DBRS Limited (DBRS Morningstar) upgraded the Issuer Rating of Chevron Corporation (Chevron or the Company) by one notch to AA from AA (low) with a Stable trend. At the same time, DBRS Morningstar discontinued the rating for Chevron’s Senior Unsecured Notes and Debentures; the decision to withdraw the rating of the Senior Unsecured Notes and Debentures was made at DBRS Morningstar’s discretion and is unrelated to the credit profile of Chevron.