Royal Dutch Shell Plc -- Moody's: Motiva's ratings remain on review following announcement of proposed split up

London, 21 March 2016 -- Moody's Investors Service commented that Motiva Enterprises LLC (Motiva)'s A2 long-term debt and Prime-1 short-term ratings remain on review for downgrade, as previously announced on January 22, 2016, following an announcement that its owners plan to split up the company and divide its assets into two separate entities. The joint venture owners, Royal Dutch Shell Plc (Shell, Aa1, on review for downgrade) and Saudi Refining Inc. (SRI, unrated), a wholly-owned subsidiary of Saudi Arabian Oil Company (Saudi Aramco, unrated; government of Saudi Arabia Aa3, on review for downgrade), have signed a non-binding Letter of Intent (LOI) to develop a plan that could ultimately split Motiva's assets between the two owners.

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