After an exceptionally strong 2022, our base case assumes market conditions remain supportive and BP's operating performance and capital discipline remain robust. BP said it will continue to deploy 40% of surplus cash flow to debt reduction, resulting in our forecast of further balance sheet strengthening during 2023. Given improving debt metrics and decreasing divergence with larger peers, we revised our outlook to positive from stable and affirmed our 'A-' long-term and 'A-2' short-term issuer credit ratings on BP. The positive outlook indicates we may raise our rating on BP in the next 12 months if its diligent strategy execution and supportive industry conditions result in persistent strong cash flow and meaningful debt reduction. The positive outlook indicates that we
