In our view, BP's cost reduction efforts, along with divestments and lower capital expenditure, should support credit ratios in 2015-2016. We believe that the recent settlement related to the Deepwater Horizon accident has reduced uncertainty with regard to the maximum amount of possible claims. We are affirming our 'A/A-1' ratings on BP and revising the outlook to stable from negative. The stable outlook reflects our expectation that funds from operations (FFO) to debt will not decline below 30% in 2015-2016 and will improve thereafter. On July 23, 2015, Standard&Poor's Ratings Services revised to stable from negative its outlook on U.K.-based international oil major BP PLC. At the same time, we affirmed our 'A' long-term and 'A-1' short-term corporate
