BP’s CDS widens sharply after "top kill" fails

LONDON (BestGrowthStock) – The cost of protecting BP debt against default rose sharply on Tuesday after its latest attempt to plug an oil leak in the Gulf of Mexico failed, according to CDS monitor Markit.

The five-year BP credit default swap widened by 71 basis points to 173 basis points, Markit said.

BP shares were down 15.1 percent by 6:07 a.m. ET.

Stock Market Research

(Reporting by Dominic Lau; Editing by Erica Billingham)

BP’s CDS widens sharply after “top kill” fails