Moody’s gives Baa1 to BP notes

Moody's Investors Service said it assigned a Baa1 rating to the planned backed junior subordinated notes to be issued by BP Capital Markets plc and guaranteed by BP plc.

“The Baa1 rating assigned to the proposed hybrid notes is two notches below BP Capital Markets plc's backed A2 senior unsecured rating because they will be subordinated to the senior unsecured obligations of BP and its subsidiaries,” Moody’s said in a press release.

The outlook remains positive.

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