Fitch slashes BP credit rating from AA to BBB

The ratings agency says the balance between long-term and near-term costs for BP from the Gulf of Mexico disaster may now be much more heavily skewed towards the near-term than it had previously anticipated. Fitch also set its rating watch on BP to ‘evolving' from negative, as the credit risks from the spill remain unclear. It also says it "would be surprised" if BP did not suspend quarterly cash dividend payments until the operational and financial impact of the incident is clearer. The smallest of the three major credit rating agencies, Fitch's previous downgrade of BP on 3 June ...