Fitch Ratings downgrades BP
Published: June 3,2010
NEW YORK — Fitch became the first credit ratings agency to downgrade BP, noting the extreme financial risks tied to the ongoing Gulf oil spill.
“The company has so far repeatedly failed to stop the resultant oil leak and has instead reverted to containment methods that are yet to be fully implemented and are subject to potential weather-related disruption,” the ratings agency says.
Fitch says further downgrades are possible.
Fitch estimates that BP’s efforts to plug the well and clean up the oil will cost between $2 billion and $3 billion this year.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Twang & Tourism: The Country Music Trail
Top Posts & Pages
- QUIRKY? NO, JERKY — Whatever your craving, Beef Jerky Outlets likely has the flavor among 200+ choices
- Oxford’s FNC getting new headquarters
- Officials set hunting dates for birds; expands dove season by 20 days
- MARTIN WILLOUGHBY — State roots key to Edge Theory's Joe Stradinger
- ALAN TURNER — The ‘Internet of things’ is focus of Camgian's Gary Butler
- Cochran's attorneys argue for dismissal of McDaniel's lawsuit
- TECH 21 — Mississippi's most wanted in technology
- Federal charges dropped against Shumate after guilty plea
- Higher rates for Humana, lower for Magnolia ahead on health exchange