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British Petroleum,Mobil Rtgs Afmd by S&P Aftr Anncmt Mar 96
Standard & Poors, March 1996
Abstract
NY -- Standard & Poor's CreditWire 3/1/96 -- Standard and Poor's affirms its double-`A'-minus rating of The British Petroleum Co. PLC's (BP) senior debt and its double-`A' rating of Mobil Corp.'s senior debt, following the announced combination of their respective European refining, lubricant, and marketing assets. The ratings outlook on BP will remain positive. The ratings outlook of Mobil is stable. The proposed $5.0 billion joint venture between BP and Mobil's European downstream assets is a logical response to servicing a mature market area that suffers from structural overcapacity in refining and increasing competitive pressures from nontraditional oil product retailers in selected countries. Projected annual savings from this venture are estimated to be at least $400 million-$500 million, realizable within...
Companies mentioned in this report are: BP PLC,Mobil Corp.
Action: New Rating
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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