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BP Downgraded To 'A/A-1' On Ongoing Oil Spill Challenges; Ratings Remain On CreditWatch Negative Jun 10
Standard & Poors, June 2010
Abstract
Higher oil leak estimates resulting from the subsea explosion at BP's Macondo well in the Gulf of Mexico and questions raised during a U.S. Congressional hearing are, among other things, increasing our estimated short- and long-term potential liabilities for BP PLC. BP, a U.K.-headquartered oil major, is reportedly to contribute $20 billion of assets to a specially established claims fund, although these payments do not amount to a cap. We are lowering our long- and short-term corporate credit ratings on BP to 'A/A-1' from 'AA-/A-1+' and keeping them on CreditWatch negative. The ongoing CreditWatch placement reflects our view of the continued uncertainties affecting BP, rapid evolution of the situation, and our reassessment of the longer-term impact of the explosion and...
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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