Moody's Investors Service today.......>

US CORPORATES: Moody's Investors Service today placed on review for downgrade

the Baa2 issuer rating and senior unsecured rating of Denmark-based shipping and

oil company A.P. Moller - Maersk A/S (Maersk). Moody's also placed on review for

downgrade Maersk's senior unsecured medium-term note program's (P)Baa2 rating."

- That followed "Maersk's announcement that it agreed to dispose of its Maersk

Oil division to Total S.A. (Aa3 stable) for an enterprise value of $7.45

billion," Moody's said. "Maersk is to receive $2.5 billion in cash, which will

be used by Maersk to repay debt, and $4.95 billion in shares (97.5m shares

representing 3.76% of Total S.A. share capital). Total S.A. will take over all

decommissioning obligations currently amounting to $2.9 billion. The divestment

is in line with Maersk's previously announced strategy of separating its energy

assets from the Transport and Logistics (T&L) business."