S&P cuts outlook on Jupiter Insurance on same move on parent BP

12 May 2010 - S&P on Tuesday lowered to "negative" from "stable" its rating outlook on Guernsey-based Jupiter Insurance Ltd thus aligning it with the outlook on its parent, oil and gas giant BP plc (LON:BP).

The rating service also affirmed the AA long-term counterparty credit and insurer financial strength ratings on Jupiter.

The agency said it rates Jupiter at the same level with its parent as it qualifies as a captive insurer.

S&P revised down to "negative" its outlook on BP on 7 May 2010 citing increased uncertainty over long-term costs and reputational issues related to the oil spill in the Gulf of Mexico.

The outlook revision on Jupiter is not due to any changes to its standalone credit profile despite its exposure which has not been quantified yet, the rater noted adding that Jupiter has a USD700m (EUR552m) per occurrence limit.