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Realistbear

B P Credit Slashed Six Levels To Bbb

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http://uk.finance.yahoo.com/news/fitch-slashes-bp-rating-owing-to-oil-spill-afp-241f6024f24b.html?x=0

Fitch slashes BP rating owing to oil spill
12:32, Tuesday 15 June 2010
International ratings agency Fitch said on Tuesday it had slashed BP's credit rating by six notches from "AA" to "BBB", citing the impact of the Gulf of Mexico oil spill disaster.
"Fitch Ratings has downgraded BP plc's long-term issuer default rating and senior unsecured rating to 'BBB' from 'AA'," it said in a statement. The 'BBB' rating is just two notches above junk status

Shares not responding by much: BP 354.85 -7.15 -1.98%

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Might be worth buying, but i wait...............no way they have it closed off by Sept................by that time your looking at at lest 1 large hurrcaine..........witch will "tar" the coast line with heavy oil.............if you balls your buy at that point!

Mike

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http://www.bloomberg.com/apps/news?pid=20601087&sid=arKsRY2SVda8&pos=9

Exxon Distances Itself From BP’s ‘Dramatic Departure’ in Gulf

By Joe "Joseph" Carroll

June 15 (Bloomberg) -- Federal investigators must determine if BP Plc took risks “beyond industry norms” with the Gulf of Mexico well that exploded and caused the worst U.S. oil spill, Exxon Mobil Corp. Chief Executive Officer Rex Tillerson said...../

Exxon, based in Irving, Texas, has drilled 262 deep-water wells in the past decade, 35 of which were in the Gulf of Mexico, he said. Proper well design, workforce training, redundant safety systems and regular maintenance help mitigate the risks involved in drilling miles below sea level, Tillerson said in the remarks.../

Shell has design standards and practices that have enabled us to successfully and safely drill many deep-water and shallow-water wells worldwide,” Odum said in the letter to Birnbaum. “Shell will rigorously apply an appropriate similar level of standards in all well operations on the Alaska” outer continental shelf.

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International ratings agency Fitch said on Tuesday it had slashed BP's credit rating by six notches from "AA" to "BBB", citing the impact of the Gulf of Mexico oil spill disaster.

I'm not sure why there is so much fuss about BP. If it falls its infrastructure will be absorbed into the other oil companies, the best BP people will transfer. The pension schemes will re-ajust their portfolios (BP provide nowhere near the lunatic figure of 25% of LSE dividends that has been bandied around BTW). The enormous reserves will allow an orderly run-off & soft landing for liabilities.

And its not British.

Enormous companies have come & gone via mergers and outright failure, So unless someone can explain why BP's demise will create some sort of systemic problem, what exactly is the big deal here?

Personally I think the environmental damage is the big deal but sadly many people on here are focussing on their pensions and whether BP is a 'buy'.

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Enormous companies have come & gone via mergers and outright failure, So unless someone can explain why BP's demise will create some sort of systemic problem, what exactly is the big deal here?

British shareholders would be £50bn poorer than they were before it all started. Is that a big deal?

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BP, is a conglemerate of staggering size.

You can bet the board, rather than replying to Obamas puerile ranting, they have been preparing to hive off affected divisions wholesale in time for a chapter 11 protections.

court cases in the US can take decades.

course, the operator of the rig was US owned, and the lease was paid to a US owned firm based in Switzerland.

the regulators approval was sought and obtained for the well technical changes....Obama Administration will come under huge fire, as they already are for the Feds interfering with states trying to protect fisheries and waterways....various laws are preventing a fix in many places.

BPs lawyers will keep this lot tied up for years...if they even bother.

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BP, is a conglemerate of staggering size.

You can bet the board, rather than replying to Obamas puerile ranting, they have been preparing to hive off affected divisions wholesale in time for a chapter 11 protections.

court cases in the US can take decades.

course, the operator of the rig was US owned, and the lease was paid to a US owned firm based in Switzerland.

the regulators approval was sought and obtained for the well technical changes....Obama Administration will come under huge fire, as they already are for the Feds interfering with states trying to protect fisheries and waterways....various laws are preventing a fix in many places.

BPs lawyers will keep this lot tied up for years...if they even bother.

And BP is 40% US owned. Lets not forget that ... unless your name is Obama of course.

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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