Fitch: Report positive for BP

Fitch Ratings said that the conclusions of a report from the National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling are broadly positive for BP plc, but litigation risks remain.

Fitch said it believes there is a reduced risk that BP could face the harshest financial penalties for the Deepwater Horizon accident.

The conclusions of the National Commission's inquiry into the causes of the accident cited systemic failures on the part of the oil industry and its regulators, the agency said.

The summary report also apportioned blame for the accident to other parties involved, Fitch said.

The conclusion that broader systemic failures occurred and that industry-wide procedural errors contributed to the accident may lessen the probability that BP will face the higher end of fines under the U.S. Clean Water Act, the agency said, and is positive news for the company.

Oil pricing is another positive rating factor for the company, Fitch added.

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