(Finance) – S&P Global has the outlook has been revised downwards on BP, a British energy giant, citing slower-than-expected debt relief. In particular, the outlook changed from “positive” to “stable“, with the rating confirmed at “A-“.
“It is less likely that the updated liquidity allocation strategy BP will result in further significant debt reduction,” it said in a statement. BP’s net debt rose to $24 billion in the first quarter of the year, up from $21.2 billion in the year. previous.
Furthermore, it shareholder return ratio “would not facilitate significant debt reduction, as we previously expected, even under current favorable market conditions.”
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