Standard&Poor's Ratings Services said today that its ratings on BP PLC (AA+/Stable/A-1+) remain unchanged after publication of the London-based oil supermajor's third-quarter trading statements. The current ratings already anticipate 2002 hydrocarbon production growth below BP's 2000-2005 average target of 5.5% (4% now expected, versus the Sept. 4, 2002, expectation of 5%). While the 5.5% target was reaffirmed by the company today, Standard&Poor's rating does not hinge on the company's reaching it precisely. Gearing levels were broadly unchanged during third-quarter 2002 and remain in line with BP's expected normalized credit metrics, although financial flexibility is only moderate at current rating levels. The buyout of E.ON AG's stake in Veba Oel AG in the third quarter was largely
