Moody's Cuts Bp Ratings, Again

It cut all of BP's long-term debt securities by three notches to "A2" from "Aa2." It is the second time this month that Moody's has downgraded the company and follows downgrades from other ratings agencies as well. Moody's cited the worsening impact of the oil spill and said the catastrophe will hurt BP's finances for years to come. The ratings agency noted that BP's funding of a $20 billion spill fund doesn't limit its impact for the spill. Moody's is reviewing the ratings and could downgrade them again.

Topics:  a2   aa2.   company   gulf oil spill   bp   moody   ratings   impact   debt   fund   billion   
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