Tags: S&P | BP | Rating

S&P Cuts BP Rating as Cleanup Costs Skyrocket

Friday, 04 June 2010 02:45 PM

Standard & Poor's on Friday joined other credit rating agencies in downgrading BP PLC, saying the oil spill at a BP facility in the Gulf, which is costing billions of dollars to clean up, had damaged its reputation.

S&P analyst Simon Redmond said there was an "excellent" risk that the fallout from the spill would impair BP's business for a long time.

The agency downgraded BP's long-term rating to "AA-minus" from "AA" and said further downgrades were possible. Moody's and Fitch Ratings announced similar downgrades earlier this week.

BP shares fell $1.61, or 4 percent, to $37.66 in afternoon trading.

The company has lost nearly $72 billion in market value since the April 20 deepwater blowout that led to the spill.

© Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
Companies
Standard Poor's on Friday joined other credit rating agencies in downgrading BP PLC, saying the oil spill at a BP facility in the Gulf, which is costing billions of dollars to clean up, had damaged its reputation. S P analyst Simon Redmond said there was an excellent ...
S&P,BP,Rating
121
2010-45-04
Friday, 04 June 2010 02:45 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved