The ratings on BP PLC reflect its position as one of the world's three-largest private integrated oil and gas companies. BP's "excellent" business risk profile is underpinned by its massive, highly profitable global upstream activities, benefiting from a strong presence in North America. Refining capacity of 2.7 million barrels per day, primarily in the U.S. and Europe, provides further asset diversity. Strong cash flows and moderate gearing continue to support a "minimal" financial risk profile, even though in the short term Standard&Poor's Ratings Services expects BP's credit metrics to be below those consistent with the rating. Relative weaknesses include exposure to cyclical industries and financial policies that are somewhat less conservative than peers', with relatively higher debt (financial
