MARKET TALK: BP Shares Recover After Fitch Downgrade

15th Jun 2010 11:58

1058 GMT [Dow Jones] BP (BP.LN) shares dip and then swiftly recover, following a downgrade of its long-term issuer default rating by Fitch Ratings. The news is largely shrugged off by the market and at 1058 GMT, the stock is +1% at 359p. A trader says the Fitch move is no surprise. Notes that the share price is hovering underneath the 360p-mark as the President prepares to give a TV address on the oil saga later Tuesday while U.S. Congress suggests $20Bln needs to be set aside to pay for compensation. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 15, 2010 06:58 ET (10:58 GMT)