Fitch And Moody’s Have Downgraded BP

It has cost so much and been such an expensive process for BP Oil to cap the ever flowing oil pipeline leaking in the gulf Of Mexico that Fitch and Moody, a leading Credit Rating Agency has downgraded the credit rating on BP.

Many analysts predict that BP will have to pay close to 40 billion before all is said and done. Fitch reports that BP has already spent three billion this year.

The downfall to this is multi faceted. Stock prices are down and the cost to borrow, the interest that BP must pay on loans needed to clean up this spill have increased.

Moody’s became the second of the “big three” credit rating agencies to downgrade BP today

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Posted by Debbie Felix on Jun 3 2010. Filed under Featured News, Legal. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry