BP continues to benefit from strong oil and gas prices and exceptional refining margins as well as consistent financial policy implementation. A significant reduction in reported net debt, including leases, of about $25 billion in the two years to March 31, 2022, underpins our view that BP will be able to maintain its credit metrics even in a less supportive operating environment. We affirmed our 'A-' issuer credit rating and 'A-2' short term rating on BP. The stable outlook signals our view that BP's performance and metrics will remain consistent with the ratings even if oil prices fall to our long-term assumption of $55 per barrel (/bbl). The stable outlook reflects our view that BP's credit metrics will continue to
