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BP debt rating is cut as gulf oil leak costs mount
Friday, 04, June 2010


BP is becoming the new pariah of the oil industry and faces the possibility of having to sell assets if it can't show some success in the coming weeks at stemming the flow of crude into the Gulf of Mexico, Wall Street analysts and energy experts say.The fallout from the deadly Deepwater Horizon drilling rig explosion in April continued Thursday, when credit rating firms Moody's Investors Service and Fitch Ratings reduced their assessments of BP's long-term debt.

Fitch cut the oil giant to AA from AA-plus, citing the potential for civil and criminal charges and saying "risks to both BP's business and financial profile continue to increase.Fitch estimated that the company could spend as much as $3 billion on cleanup and containment this year. The federal government Thursday sent BP its first bill covering oil-spill response costs so far, totaling $69 million.Moody's lowered BP to AA2 from AA1 and put it on review, which might lead to another downgrade.




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