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.
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- DAVID DALLAS: Mr. McDaniel goes to Washington
- Moon River Foods creating 100 jobs in Mississippi Delta
- Judge to hear from True the Vote as McDaniel attempts to overturn loss to Cochran
- Weyerhaeuser investing $57M to modernize lumber mill
- Google chooses Mad Genius as example of Internet use
- Two BancorpSouth mergers delayed by federal inquiries
- Health officials identify another case of chikungunya virus
- Biloxi council approves $29M contract for baseball stadium construction
- Cochran continues to question EPA over new regulations
- Wasted away — Margaritaville in Biloxi to close by Sept. 19