The ratings on BP PLC reflect Standard&Poor's Ratings Services' assessment of the company's business risk profile as "excellent" and its financial risk profile as "minimal." As one of the world's largest private, integrated oil and gas companies, BP's business risk profile is underpinned by: Its massive, profitable global upstream activities, including a strong presence and reserve base in the U.S.; and Diversity, given the company's refining throughput of 2.3 million barrels per day in 2009, primarily in the U.S. and Europe. Relative business weaknesses include: Exposure to the volatile and cyclical oil industry; Ongoing industry-wide pressures on the downstream segment, despite efficiency improvements at BP; and Some exposure to emerging-market country risk through 50%-owned Russia-based affiliate TNK-BP International
