40% Goldman oil, gas loans to junk-rated companies

New York - About 40% of Goldman Sachs's loans in the petroleum sector is to oil and gas companies considered "junk" by credit ratings agencies, according to bank data released Monday.

Goldman's overall exposure to oil and gas companies stood at $10.6bn at the end of 2015, including $4.2bn to non-investment grade counterparties, the investment bank said in a securities filing.

Of this sum to junk-rated companies, $1.5bn is in loans outstanding and $2.7bn in future commitments.

"Significant declines in the price of oil have led to market concerns regarding the creditworthiness of certain companies in the oil and gas industry," Goldman said.

The banking industry's exposure to the oil rout was a major source of worry when large banks reported earnings last month.

Goldman Sachs on January 20 reported 2015 net income of $6.1bn on $33.8bn in revenues, which came in 2.1% lower than a year ago.