MARKET TALK: BP Liability Fund A Positive Step - Credit Suisse

17th Jun 2010 12:06

1106 GMT [Dow Jones] BP's (BP.LN) liability fund represents a positive step towards increasing clarity says Credit Suisse. Says it has adequate financing head room and the plan allows BP to fund all costs with internal resources without the need for external financing, other than regular working capital facilities. Notes there is still no clarity on whether BP's partners will contribute to the fund. Given the facts presented in the Senate testimonies and letter to BP from Senator Waxman, thinks there's a growing risk that gross negligence could be proven and assumes BP will bear 100% of the costs. Has BP at outperform, 560p price target. BP shares are +7.6% at 362.8p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 17, 2010 07:06 ET (11:06 GMT)