We think supportive industry conditions and BP's actions to strengthen its balance sheet will result in reducing leverage during 2021, with funds from operations (FFO) to debt exceeding 30%. Over the next few years, we assume BP will continue to allocate about 40% of its surplus cash flow to further reduce net debt, which should underpin its credit metrics even under weaker market conditions. We revised our outlook on BP to stable from negative and affirmed our 'A-/A-2' long- and short-term issuer credit ratings on the company. The stable outlook indicates our expectation that BP will continue to gradually strengthen its balance sheet in the next few years as it diversifies away from hydrocarbons. The stable outlook reflects our view
