Moody's says cuts BP debt rating due to Gulf oil spill

3rd June 2010, Comments 0 comments

Moody's Investor Service on Thursday lowered BP's ratings from Aa1 to Aa2, citing the impact of the Gulf of Mexicio oil spill, and after an earlier Fitch ratings downgrade to the British energy firm.

"Today's downgrade of BP's long-term debt ratings reflects Moody's expectation that the protracted oil spill in the Gulf of Mexico, caused by the explosion on the Transocean Deepwater Horizon drilling rig, will result in significant containment and clean-up costs as well as litigation costs," it said in a statement.

© 2010 AFP

0 Comments To This Article