These excerpts taken from the BP 6-K filed Sep 5, 2008.
On 1 September 2008, Standard & Poors issued a press release stating that it had lowered its corporate credit ratings on BP p.l.c. and its US and UK affiliates to AA from AA+ and that it had lowered the long-term corporate credit rating on BP Finance p.l.c. to AA- from AA. The outlook was stated to be stable. At the same time Standard & Poors affirmed its A-1+ short-term ratings.
The rating agency stated that its downgrade followed its review of BPs business and financial performance and comparison with those of other major integrated oil companies. It added that the new rating reflected negatives, analysed in the context of benchmarking with other major integrated oil and gas companies, relating to reassessment of BPs US downstream weaknesses relative to its peers, financial policies less conservative than those of its peers and turbulences around 50%-owned, equity-consolidated TNK-BP.
Further information is set out in the full text of the Standard & Poors press release.