Fitch rates BP subordinated notes A-

Fitch Ratings said it rated BP Capital Markets plc’s planned dollar-denominated perpetual subordinated notes an expected A- rating. BP plc will guarantee the notes on a subordinated basis.

The rating is in line with those of the issuer’s outstanding subordinated notes.

“We view the proposed issue as credit-neutral for BP, given that proceeds are expected to be used for a tender offer for an existing hybrid tranche with a first call date in June 2025, leaving the total outstanding amount of hybrid securities broadly unchanged post-transaction,” Fitch said in a press release.

The outlook is stable.

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