-- U.K.-headquartered oil major BP is contending with operational challenges to stem and clean up the oil spill in Gulf of Mexico. -- The company faces increased uncertainly over potential longer term remedial costs relating to environmental damage. -- We are revising the outlook on BP to negative from stable and affirming the 'AA' long-term and 'A-1+' short-term corporate credit ratings. -- The outlook reflects potential pressure on BP's financial flexibility, which is already limited at the rating level, in our view. LONDON (Standard&Poor's) May 7, 2010--Standard&Poor's Ratings Services said today that it revised the outlook on U.K.-headquartered oil major BP PLC to negative from stable. At the same time, we affirmed the 'AA' long-term and
