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Debt investor information

bp’s Financial Discipline and Deleveraging Strategy

bp is committed to maintaining a resilient capital structure and preserving ‘A’ range credit metrics through the cycle. We are targeting net debt of $14–18 billion by end-2027, supported by:

  • Robust operating cash flow
  • Disciplined capital allocation
  • A $20 billion divestment programme through 2027

Key actions include strategic reviews of Castrol and Lightsource bp, with proceeds dedicated to strengthening the balance sheet.

 

This disciplined approach underpins bp’s investment-grade credit profile and supports a credible path to deleveraging.

A chart showing the continued strengthening of the balance sheet

A chart showing the continued strengthening of the balance sheet

Credit ratings

We are focused on managing our balance sheet to support our strong investment grade credit rating and maintain an active dialogue with three credit rating agencies – Fitch, Moody’s and S&P.

Long term credit rating Fitch Moody's S&P
A+ A1 A-
Outlook  Stable Stable Stable

Key analysts information:

Fitch Ratings

Oliver Schuh
oliver.schuh@fitchratings.com

 

Moody's Investors Service Ltd

Roberto Pozzi
Roberto.Pozzi@moodys.com

 

S&P Global Ratings

Alexander Griaznov
alexander.griaznov@spglobal.com

Outstanding bonds

Below is a summary of outstanding and publicly listed bonds issued by BP Capital Markets P.l.c., BP Capital Markets B.V., and BP Capital Markets America Inc.

Maturity profile

As at 31 March 2025
For more information please contact debtir@bp.com .