BP's Credit Rating Slashed.

Fitch Ratings slashed BP's credit rating by six notches this week. BP's credit rating was knocked form AA to BBB, only two notches above junk status.

Government scientists continue to increase estimated spill rates, and BP's top US executive appeared before congress to address just what BP is planning to do to address clean up efforts in the Gulf.

BP's rating was already cut two weeks ago as a result of President Obama's administration insisting that claims be paid from BP's escrow account.

"The recent claims by US state and federal authorities that BP escrow significant sums preemptively, ahead of any agreed claims process, represent a material change in approach, should it ultimately prove a legally supportable move against the company," Fitch Ratings said.

BP shares have already lost 50% since the Deepwater Horizon rig exploded on April 20th.