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Debt investor information

Our balance sheet strategy

bp has a clear, consistent and disciplined financial framework and maintaining a strong investment grade credit rating remains our second priority within this financial frame, after a resilient dividend.


For 2023 we intend to continue to allocate 40% of surplus cash flow to further strengthen the balance sheet and now target further progress within an ‘A’ grade credit rating.

A chart illustrating 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 A2 A-
Outlook  Positive Positive Positive

Key analysts information:

Fitch Ratings

Oliver Schuh


Moody's Investors Service Ltd

Tobias Wagner


S&P Global Ratings

Simon Redmond

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 30 June 2023

As part of actively managing its debt portfolio, the group bought back $7.4billion of finance debt in 2022 consisting entirely of US dollar bonds. In 2021 the group bought back $4.2bn of US dollar bonds.

Stock market charts and graphs
For more information please contact debtir@bp.com