Credit agency drops ratings for BP

By CHRIS KAHN AP Energy Writer

NEW YORK (AP) - Fitch became the first credit ratings agency to downgrade BP, noting the extreme financial risks tied to the ongoing Gulf oil spill.

"The company has so far repeatedly failed to stop the resultant oil leak and has instead reverted to containment methods that are yet to be fully implemented and are subject to potential weather-related disruption," the ratings agency says.

Fitch says further downgrades are possible.

Fitch estimates that BP's efforts to plug the well and clean up the oil will cost between $2 billion and $3 billion this year.