BUSINESS LIVE: S&P cuts BP credit outlook; Bats hit by illegal vapes; Checkit attacks the Crimson Tide

The FTSE 100 opens at 8am. Companies with news and trading updates today include BP, British American Tobacco, Checkit, Wizz Air and London Metric. Read the Tuesday 4th June Business Live blog below.

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S&P cuts BP’s credit outlook

S&P Global revised BP’s credit outlook lower, with the rating agency citing slower-than-expected debt reduction, a blow to boss Murray Auchincloss, who has struggled to win back investor support after a turbulent year.

Auchincloss took the reins in January, pledging to take a pragmatic approach to stabilizing the company after a bruising period that followed the sudden resignation of predecessor Bernard Looney last September.

Under Looney, the former finance chief has sought to streamline BP’s operations and cut costs in the face of investor skepticism over plans to scale back the company’s focus on oil and gas and expand its low-carbon business.

S&P downgraded the energy company’s credit outlook to stable from positive, while affirming its long-term credit rating of ‘A-‘ and its short-term issuer rating of ‘A-2’.

«BP’s updated cash allocation strategy is unlikely to result in meaningful further absolute debt reduction,» S&P said in a statement.


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