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BP PLC Long-Term Rating Lowered To 'AA-' On Prolonged Oil Spill; Long- And Short-Term Ratings On CreditWatch Negative Jun 10
Standard & Poors, June 2010
Abstract
U.K.-headquartered oil major BP continues to face operational challenges to stem and clean up the oil spill in the Gulf of Mexico. Prolongation of the spill raises the likely range of longer-term remedial costs and compensation claims relating to environmental damage. We are lowering our long-term rating on BP to 'AA-' from 'AA' and placing our long- and short-term corporate credit ratings on CreditWatch negative. The CreditWatch placement reflects our intention to reassess the longer-term impact on BP's business and financial risk profiles. LONDON (Standard & Poor's) June 4, 2010--Standard & Poor's Ratings Services said today that it lowered its long-term corporate credit rating on BP PLC to 'AA-' from 'AA'. At the same time, we placed both the long-...
Companies mentioned in this report are: BP PLC
Action: Downgraded
Action: On CreditWatch:Negative
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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