The company’s short-term rating was raised from “F1” to “F1+,” but the long-term Issuer Default Rating (IDR) was maintained at “A.”
The optimistic view, according to Fitch analysts, “reflects a considerable reduction in debt in 2022 and the expectation that BP will gradually shift to a more conservative financial profile with net debt in the $20-25 billion range beginning in 2023.”
According to the agency, Fitch’s adjusted net debt at the end of 2022 will be $37 billion as opposed to $44 billion at the end of 2021. Analysts forecast that in 2023, net debt would reach $25 billion, although the exact amount will depend on how management allocates surplus cash flows.
source: fitchratings.com
