Credit Default Spreads Blow Out For Oil Soaked BP

oil bird

BP’s credit default spreads are widening as a result of the company’s Louisiana oil spill tumult.

Spreads have widened from April 23, when CDS on BP debt stood at 42.4 bps, to 54 bps on April 30, and now 58.2 bps today, according to CMA Datavision.

BP is self insured through a firm called Jupiter Insurance LTD, but some BP properties require public insurance, details of which have yet to emerge.

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