Massive, cash generative, and growing OECD-focused upstream subsidiaries Unique competitive strengths to supply U.S. gas market Solid financial profile, including moderate capital expenditure Well-funded U.K. pension funds Current operating weaknesses in U.S. downstream operations Shareholder-friendly policies together with large unfunded asset retirement and postretirement benefit deficits in some areas Upstream reliance on high-risk, low-margin areas for reserve replacement and unstable situation at TNK-BP The ratings on BP PLC reflect its excellent business risk profile, based primarily on upstream strengths and integration into refining and marketing, and its minimal financial risk profile, underpinned by a moderately conservative financial profile and policies. BP's excellent business profile, based on its strong and globally diversified asset base, supports the rating through the company's: Very
