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Bulletin: Texas Municipal Gas Acquisition And Supply II Bond Ratings Unaffected By BP North America's Outlook Revision To Negative May 10
Standard & Poors, May 2010
Abstract
NEW YORK (Standard & Poor's) May 10, 2010--Standard & Poor's Ratings Services said today that the outlook revision on BP Corporation North America Inc. (BPNA; AA/Negative/A-1+) does not affect the rating or outlook on Texas Municipal Gas Acquisition and Supply Corp. II's (TexGas II) series 2007A and 2007B bonds (A+/Negative). The negative outlook on BPNA and its parent, BP PLC (AA/Negative/A-1+), reflects significant uncertainty over costs, potential reputational damage, and likelihood of increased regulatory scrutiny related to the Deepwater Horizon oil spill in the Gulf of Mexico. Other negative factors include BP's recent large acquisition of a package of exploration blocks, generally rising upstream cost pressures, a soft refining market, and weak U.S. natural gas prices. (See 'Research Update: BP...
Companies mentioned in this report are: Texas Municipal Gas Acquisition and Supply Corp. II (Gas Prepay),BP PLC,BP Corporation North America Inc.
Action: Bulletin
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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