BP has suffered its third downgrade this week, Moody's cutting its credit rating by three notches.
BP's senior unsecured ratings and long-term debt securities were cut to from A2 to Aa2. Moody's says there could be further downgrades as it continues to review BP's ratings.
"This assessment reflects a substantial upward revision of the estimated size of the leak, the continued failure to bring the leaking Macondo well under control, and the mounting costs and claims for damages," Moody's says.
"Uncertainty over the ultimate cost for massive litigation claims and other contingent liabilities will be an overhang on BP's creditworthiness that will persist for years to come."
On Tuesday, Fitch cut BP's credit rating a full six notches from AA to BBB. This was followed yesterday's by Standard & Poor's, which cut from AA to A.
Joined as head of strategy, multi asset, in June
Group income protection
Nine in 10 do not have income protection
Set to become part of Single Financial Guidance Body