BP Plc has lost approximately $70 billion in market cap since the beginning of the year. The stock lost 39% YTD and over 50% from peak to low. On June 6th, both Fitch and Moody’s downgraded BP Plc’s long term credit rating by one notch and warned of further downgrades, causing their CDS spreads to skyrocket.
Kuwait Investment Authority owns 1.75% of BP, which means that they have an unrealized loss of $1.2 billion.
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Loading ...Tags: BP, BP oil spill, BP plc, KIA, oil spill
Last week, Al-Rai reported that the KIA is currently not considering exiting its invesmtent in BP.
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One thing’s for sure now:
the Kuwait Investment Authority WILL be signing that shareholder proxy form for the forthcoming BP A/EGM!!!
Who knows? Maybe KIA actually do send a rep to attend these things!
1.5%, baby! not too shabby.
Thanks, interesting post.
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