BP (BP) Gets Rating Upgrade from Societe Generale

Analysts at Societe Generale upgraded oil giant BP (NYSE:BP) from a "Hold" rating to a "Buy" rating.

The primary reason for the upgrade is the confirmation BP won't be bearing the sole responsibility for the Gulf oil spill, after partner Mitsui agreed to pay a portion of the clean up costs. Anadarko (NYSE:APC) is expected to join in sharing the financial responsibility soon.

Anadarko holds a 25 percent stake in the failed Macondo well with Mitsui holding the remaining 10 percent. BP owns the other 65 percent.

Expectations legal liabilities will be the next area the two companies will have to come to an agreement with BP on, which should raise the outlook for the BP, as they a lot of the negative outlook already built into the price.

BP closed Monday at $44.03, falling $0.97, or 2.16 percent.