The financial risk profile of U.K.-domiciled oil and gas major BP PLC continues to strengthen, despite ongoing material payments related to the Macondo well oil spill in the Gulf of Mexico in 2010. Material liabilities related to the Gulf of Mexico spill remain unknown, but we assess the risk of near-term payments exceeding the amounts we assume in our base-case credit scenario as low. We are therefore revising the outlook on BP to positive from stable and affirming our 'A/A-1' long- and short-term corporate credit ratings on BP. The positive outlook reflects our view that we could upgrade BP in the next two years if the group's credit metrics continue to strengthen following the final Gulf of Mexico-related payments. LONDON
