The ratings on U.K.-headquartered oil major BP PLC reflect Standard&Poor's Ratings Services' assessment of the group's "strong" business risk profile and "modest" financial risk profile. Our ratings take into account our view of the quality and diversity of BP's huge asset portfolio, its strong underlying profitability and cash generation, and the group's current focus on balance sheet and treasury management. We see the group's exposure to exploration and production activities and refining risks, including volatility and capital intensity, as industry-wide constraints. In addition, we believe that BP is exposed to risks from its concentration in the U.S. and in Russia to a greater extent than other oil majors. Our ratings reflect the remaining uncertainties surrounding penalties and litigation
