S&P Capital IQ Reiterates its HOLD Rating on ADSS of BP

October 18 00:00 2011

NEW YORK, October 18 (RainbowNewsLine.com) – Analyst Michael Kay of S&P Capital IQ reiterates its HOLD rating on the ADSS of BP plc. (NYSE: BP)

Analyst Michael Kay, in a research note published yesterday mentions that the company’s deal with Anadarko Petroleum (NYSE: APC) on GOM Macondo incident claims is being viewed positively. BP has reached another similar deal with Mitsui, which helps BP’s legal case and reduces the possibility of gross negligence charges. APC will pay $4 billion to BP and will not pursue gross negligence and forfeit interest in the well. In return, BP will compensate APC with certain claims and give 12.5 % of future insurance payments. Companies like Transocean (NYSE: RIG) and Halliburton (NYSE: HAL) still have claims against BP.