NY -- Standard&Poor's CreditWire 3/1/96 -- Standard and Poor's affirms its double-`A'-minus rating of The British Petroleum Co. PLC's (BP) senior debt and its double-`A' rating of Mobil Corp.'s senior debt, following the announced combination of their respective European refining, lubricant, and marketing assets. The ratings outlook on BP will remain positive. The ratings outlook of Mobil is stable. The proposed $5.0 billion joint venture between BP and Mobil's European downstream assets is a logical response to servicing a mature market area that suffers from structural overcapacity in refining and increasing competitive pressures from nontraditional oil product retailers in selected countries. Projected annual savings from this venture are estimated to be at least $400 million-$500 million, realizable within
