On Oct. 8, 2007, Standard&Poor's Ratings Services revised its outlook on BP PLC, the U.K.-based international oil and gas super major, and its affiliates, to negative from stable on continuing underperformance at a number of major production and refining operations. At the same, the 'AA+/A-1+' long- and short-term corporate credit ratings on BP and all ratings on related subsidiaries were affirmed. The ratings continue to reflect the BP's excellent asset base, notably upstream. Under our conservative, long-term pricing scenario, we expect funds from operations (FFO) and FFO minus capital expenditures to net debt at about 60% and 20%, respectively, on a fully adjusted basis from 2010 (and stronger before). This is sufficient to cover dividends. These credit measures
