S&P affirms BP

Standard & Poor's said it affirmed the A long-term and A-1 short-term corporate credit ratings on BP plc and removed its ratings from CreditWatch, where they were placed with negative implications on June 4, following efforts to stem the oil spill from the Macondo well in the Gulf of Mexico.

The outlook is negative.

"The CreditWatch resolution acknowledges the reported mid-July cessation of the oil spill from the Macondo well, the subsequent sealing of the well, BP's bolstered liquidity position, and the conclusion of our CreditWatch review," S&P analyst Simon Redmond said in a statement.

"The ratings affirmation reflects our opinion that BP should have sufficient liquid resources to meet likely oil spill-related cash outflows of at least $20 billion over 2010 and 2011 together."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.