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BP PLC 'A/A-1' Ratings Affirmed And Removed From CreditWatch On Sealing of Macondo Well; Outlook Negative Sep 10
Standard & Poors, Sep 2010
Abstract
U.K.-headquartered oil major BP PLC has reportedly stopped the oil spill from its Macondo well in the Gulf of Mexico and sealed the well. We think that BP's bolstered liquidity, asset sales, and operating cash generation largely address near-term downside rating risk. We are affirming our 'A' long-term and 'A-1' short-term corporate credit ratings on BP PLC and its related entities and removing them from CreditWatch negative. The negative outlook principally reflects our view of the possible ramifications of adverse conclusions arising from the oil spill investigations or greater-than-we presently-anticipate pressures on BP PLC's U.S. business or balance sheet over time. LONDON (Standard & Poor's) Sept. 24, 2010--Standard & Poor's Ratings Services said today that it affirmed its 'A' long-term...
Companies mentioned in this report are: BP PLC,BP Products North America Inc.,Atlantic Richfield Co.,Standard Oil Co. Inc.,Standard Oil Co.,BP Co. North America Inc.,BP Corp. North America Inc.,Union Texas Petroleum Holdings Inc.,BP Capital Markets PLC,BP Capital Markets America Inc.,Burmah Castrol PLC,Arco British Ltd.,BP Finance PLC,BP America Production Co.,BP West Coast Products LLC Project,BP AMI Leasing, Inc.
Action: Affirmed
Action: Outlook: 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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