S&P lifts Aker BP view to positive

S&P said it revised its outlook on Aker BP to positive from stable and affirmed the BB+ long-term issuer credit rating on the company.

At the same time, S&P affirmed its BB+ issue rating on the company's senior unsecured notes due 2022 and 2025. The 3 recovery rating remains unchanged, reflecting an expectation of meaningful recovery (50%-70%; rounded estimate 55%) in a default scenario.

“The outlook revision recognizes Aker BP's achieved and anticipated growth in production and reserves, which could approach levels more in line with investment-grade peers, such as Hess Corp. (BBB-/stable/--) or Concho Resources Inc. (BBB-/stable/--),” S&P said in a news release.

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