NEW YORK, June 28 (Reuters) - BP Plc is facing rising collateral requirements with its trading partners as it has come under financial pressure because of the massive oil spill in the Gulf of Mexico, CNBC reported on Monday citing people familiar with the matter.
According to the report, Credit Suisse in particular has dropped the threshold above which BP needs to post collateral for a trade to $10 million, down from the previous level of $30 million.
Credit Suisse declined to comment on the report. BP was not available to comment.
(Reporting by Michael Erman) Keywords: OIL SPILL/COLLATERAL (Reuters Messaging: michael.erman.reuters.com@reuters.net; +1 646 223 6021) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
According to the report, Credit Suisse in particular has dropped the threshold above which BP needs to post collateral for a trade to $10 million, down from the previous level of $30 million.
Credit Suisse declined to comment on the report. BP was not available to comment.
(Reporting by Michael Erman) Keywords: OIL SPILL/COLLATERAL (Reuters Messaging: michael.erman.reuters.com@reuters.net; +1 646 223 6021) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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