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BP PLC Long-Term Rating Cut To 'AA' On Performance And Benchmarking; Outlook Stable Sep 08
Standard & Poors, Sep 2008
Abstract
PARIS (Standard & Poor's) Sept. 1, 2008--Standard & Poor's Ratings Services said today that it lowered its corporate credit ratings on international oil and gas supermajor BP PLC and its U.S. and U.K. affiliates, including Jupiter Insurance Ltd., to 'AA' from 'AA+'. We also lowered the long-term corporate credit rating on BP Finance PLC to 'AA-' from 'AA'. The downgrades follow our review of the company's business and financial performance and comparison with those of other major integrated oil companies. At the same time, we affirmed the 'A-1+' short-term ratings on the group. The outlook is stable. The lowering of the long-term ratings mainly reflects the following negatives, analyzed in the context of benchmarking with other major private integrated oil...
Companies mentioned in this report are: BP PLC
Action: Affirmed
Action: Downgraded
Action: Outlook: Stable
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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