S&P Downgrades BP’s Rating to ‘AA-‘ from ‘AA’

S&P Friday on Friday downgraded BP PLC’s (BP) long-term rating to AA- from AA, and placed the oil giant’s long and short term ratings on CreditWatch with negative implications.

MW: “The downgrade reflects our opinion on the significant operational challenges that U.K.-headquartered oil major BP continues to face to stem or contain the leak from one of its wells in the Gulf of Mexico,” said Simon Redmond, an S&P credit analyst.

BP declined $1.81, or 4.58%, to $37.47 rtq at 1:26 E.T. in New York Stock Exchange trading.

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