On Feb. 11, 2003, Standard&Poor's Ratings Services placed its 'AA+' long-term corporate credit rating on UK-based oil major BP PLC (BP) and related entities on CreditWatch with negative implications following an announcement that BP and the majority shareholders in TNK International Ltd. (TNK)--Alfa Group and Access-Renova (AAR)--plan to combine their interests in Russia to create the country's third-largest oil and gas business. Any downgrade would be unlikely to exceed one notch. At the same time, Standard&Poor's affirmed all 'A-1+' short-term ratings on the BP group. The CreditWatch placement reflects the risks associated operating in the highly volatile Russian environment and the transaction's cost of $3 billion in cash this year and $3.75 billion in BP shares
