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BP PLC Oct 08
Standard & Poors, Oct 2008
Abstract
Massive, cash generative, and growing OECD-focused upstream subsidiaries Unique competitive strengths to supply U.S. gas market Solid financial profile, including moderate capital expenditure Well-funded U.K. pension funds Current operating weaknesses in U.S. downstream operations Shareholder-friendly policies together with large unfunded asset retirement and postretirement benefit deficits in some areas Upstream reliance on high-risk, low-margin areas for reserve replacement and unstable situation at TNK-BP The ratings on BP PLC reflect its excellent business risk profile, based primarily on upstream strengths and integration into refining and marketing, and its minimal financial risk profile, underpinned by a moderately conservative financial profile and policies. BP's excellent business profile, based on its strong and globally diversified asset base, supports the rating through the company's: Very...
Companies mentioned in this report are: BP PLC,BP Products North America Inc.,Atlantic Richfield Co.,Standard Oil Co. Inc.,Standard Oil Co.,BP Pipelines (Alaska) Inc.,BP Co. North America Inc.,BP Corp. North America Inc.,Union Texas Petroleum Holdings Inc.,BP Capital Markets PLC,Burmah Castrol PLC,BP Exploration and Oil Inc.,Jupiter Insurance Ltd.,BP Finance PLC,BP America Production Co.
Action: Review
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: Full Analysis
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