Fitch slashes BP credit rating

Ratings agency Fitch has slashed BP's credit rating from "AA" to "BBB", - a six step fall - on concerns over the Gulf of Mexico oil spill.

Fitch cited higher estimates for the size of the oil spill and US calls for the group to place funds in an escrow account to fund any potential liability claims.

The 'BBB' rating is just two steps above junk status.