BP one year on: Moody's warns spill bill could hit $60bn

The final cost to BP from the Gulf of Mexico oil spill disaster could reach $60bn (£37bn), according to fresh analysis from ratings agency Moody's.

BP is budgeting for maximum final costs of $41bn to settle fines, compensation and clean-up operations, based on the assumption it will not be found guilty of any allegations of gross negligence. However, estimates from Moody's say the figure could be much higher, with BP's cost estimate at the bottom end of expectations, reports The Telegraph. "We still do not know the total cost and penalties from the spill, but our analysis suggested the figure would be roughly $40bn-$60bn," Moody's analysts said. It is now a year to the day since the Deepwater Horizon rig exploded and sank, kil...