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BULLETIN: BP PLC Publishes Third-Quarter Results and Revises Production Target Downward 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 results. BP's revision of 2002 hydrocarbon production growth to 3% (from 5% earlier in the year) will make it harder for the company to achieve its 2000-2005 average target of 5.5%, which--while no cause for concern on BP's rating--is somewhat disappointing in light of full-year capital spending that is expected to reach the upper end of the targeted range, at $13 billion. Gearing levels (25%-35% company policy, versus 29% at Sept. 30, 2002) should remain stable through year-end and are in line with Standard & Poor's expectations on BP's normalized credit measures. Financial flexibility is only...
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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