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. These are underpinned by our view that the still-meaningful uncertainties facing BP distinguish it from its peers, whose significant underlying strengths--including huge, global cash-generative exploration and production (E&P) activities--BP otherwise shares. These uncertainties include continuing investigations into the causes of the oil spill from the Macondo well in the Gulf of Mexico; the extent to which BP's upstream and downstream operations, particularly its U.S. footprint, are disadvantaged operationally in the future; and the nature and scope of legal proceedings against BP following the disaster. Positively, we recognize the quality and diversity of group
