BP's (NYSE:BP) credit rating got a boost today as Fitch Ratings raised the credit rating of the company by three notches, from BBB to A. That will lower the cost of borrowing if the company chooses to go that route in the future.
The increase in rating included the long-term issuer default rating along with the senior unsecured rating. Fitch also considers BP as being stable in their outlook.
Fitch said the rating increase "reflects both the improved visibility of potential liability scenarios” and “substantial progress that BP has made to date in building up liquidity to address potential financial payments.”
They added that the permanent plugging of the oil leak was a major factor as well.
On June 15 Fitch has cut BP's credit rating six levels to BBB.
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