Moody’s upgrades BP to A1

Moody's Investors Service said it upgraded the issuer rating of BP plc and the long-term debt ratings of its guaranteed subsidiaries to A1 from A2.

Concurrently, the agency affirmed its Prime-1 commercial paper ratings of BP Capital Markets plc and BP Corp. North America, Inc.

The outlook is positive.

"Our decision to upgrade BP to A1 factors in the increased clarity around the size and timing of remaining cash payments linked to the Deep Water Horizon incident, as well as expected improvements to BP's credit metrics and its strong operating performance despite high oil price volatility," Moody’s vice president and senior credit officer Elena Nadtotchi said in a news release.

At the same time, Moody's upgraded the issuer rating of BP's wholly owned subsidiary, BP Corp. North America, Inc., to A2 from A3.

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