Fitch upgrades BP rating ahead of key report

8th September 2010, Comments 0 comments

International ratings agency Fitch said on Wednesday that it had upgraded BP's credit rating three notches, citing an end to the threat of more leaks from the Macondo well in the Gulf of Mexico.

The upgrade to to "A" from "BBB" comes as BP prepares to publish the findings of an internal inquiry into what caused the massive leak.

"The 'A' rating also reflects both the improved visibility of potential liability scenarios the company could still face and substantial progress that BP has made to date in building up liquidity to address potential financial payments," Fitch said in a statement.

Fitch had in June slashed its rating for BP six notches from "AA" to "BBB", which is just two levels above junk status.

© 2010 AFP

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