BUSINESS LIVE: S&P cuts BP credit outlook; BATS hit by illegal vapes; Checkit swoops on Crimson Tide

The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are BP, British American Tobacco, Checkit, Wizz Air and London Metric. Read the Tuesday 4 June Business Live blog below.

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S&P cuts BP credit outlook

S&P Global has revised BP’s credit outlook lower, with the ratings agency citing slower than expected debt reduction, in a blow to boss Murray Auchincloss who has sought to win back investor support following a turbulent year.

Auchincloss took the reins in January with a vow to take a pragmatic approach to steady the company after a bruising period that followed the abrupt resignation of predecessor Bernard Looney last September.

The former head of finances under Looney has sought to simplify BP’s operations and cut costs in the face of investor doubts over plans to reduce the company’s focus on oil and gas and expand a low-carbon business.

S&P downgraded the energy company’s credit outlook to stable from positive while affirming its ‘A-‘ long-term and ‘A-2’ short-term issuer credit ratings.

‘BP’s updated cash allocation strategy is less likely to result in meaningful further absolute debt reduction,’ S&P said in a statement.