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
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
