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. On May 7, 2010, Standard&Poor's Ratings Services 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 'A-1+' short-term corporate credit ratings. BP faces significant uncertainty over
