Standard & Poor's (S&P) removed its corporate rating on Santos from negative credit watch on May 16, affirming the company at BBB+ albeit with a negative outlook. The firm was placed on negative watch following the removal of high equity credit from its €1 billion (US$1.3 billion) hybrid note on April 2, but S&P has concluded the firm is sufficiently resilient to justify retaining its rating despite the consequent weakening of its credit metrics.