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BULLETIN: U.K.-Based BP PLC Publishes Third-Quarter Trading Statement Oct 02
Standard & Poors, Oct 2002
Abstract
Standard & Poor's Ratings Services said today that its ratings on BP PLC (AA+/Stable/A-1+) remain unchanged after publication of the London-based oil supermajor's third-quarter trading statements. The current ratings already anticipate 2002 hydrocarbon production growth below BP's 2000-2005 average target of 5.5% (4% now expected, versus the Sept. 4, 2002, expectation of 5%). While the 5.5% target was reaffirmed by the company today, Standard & Poor's rating does not hinge on the company's reaching it precisely. Gearing levels were broadly unchanged during third-quarter 2002 and remain in line with BP's expected normalized credit metrics, although financial flexibility is only moderate at current rating levels. The buyout of E.ON AG's stake in Veba Oel AG in the third quarter was largely...
Companies mentioned in this report are: BP PLC
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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