(The following statement was released by the rating agency)
July 20 -
-- Guernsey-based Jupiter Insurance Ltd. (Jupiter) qualifies as a captive insurer under Standard & Poor's methodology and as such is rated at a level commensurate with its parent, BP PLC.
-- We are therefore revising our outlook on Jupiter to positive from stable and affirming our 'A' long-term ratings on Jupiter following the same rating actions on BP.
-- The positive outlook on Jupiter reflects that on its parent.
On July 20, 2012, Standard & Poor's Ratings Services revised its outlook on Jupiter Insurance Ltd. to positive from stable. At the same time, we affirmed our 'A' long-term counterparty credit and insurer financial strength ratings on Jupiter.
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