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BP PLC Oct 09
Standard & Poors, Oct 2009
Abstract
Massive, highly profitable upstream with a large OECD base. Diversity from large U.S. and European downstream. Unique competitive strengths to supply the U.S. gas market. Strong cash flows and moderate capital expenditure. Moderate debt leverage and high financial flexibility. Exposure to the volatile and cyclical oil industry, including near-term depressed U.S. gas prices. Past refining and pipeline asset integrity issues and litigation in North America. Shareholder-friendly policies together with large unfunded asset retirement and postretirement benefit deficits. Exposure to Russian country risks through equity affiliate TNK-BP. The ratings on BP PLC reflect Standard & Poor's Ratings Services' assessment of the company's business risk profile as 'excellent' and its financial risk profile as 'minimal.' As one of the world's three-largest private...
Companies mentioned in this report are: BP PLC,BP Products North America Inc.,Atlantic Richfield Co.,Standard Oil Co. Inc.,Standard Oil Co.,BP Pipelines (Alaska) Inc.,BP Company North America Inc.,BP Corporation North America Inc.,Union Texas Petroleum Holdings Inc.,Burmah Castrol PLC,BP Exploration and Oil Inc.,Jupiter Insurance Ltd.,BP Finance PLC,BP America Production Co.
Action: Review
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: Full Analysis
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