CHICAGO — Yields on floating-rate municipal prepaid gas bonds with ties to BP have spiked to nearly 9% from less than 0.5% as credit analysts continue to cut their ratings on the oil giant.
Moody’s Investors Service and Standard & Poor’s have downgraded all their ratings to Baa1 and A, respectively, on prepaid gas bonds where BP Corporation North America Inc. is acting as gas supplier and liquidity provider on the transactions.
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