LONDON (ShareCast) - French oil company Total's gas leak at the North Sea platform is not a risk for the company's credit rating, which currently stands at AA, ratings agency Fitch said.

Fitch said the leak is not comparable to BP's Deepwater Horizon accident in 2010.

The rating agency explained that the situation is different, "The Elgin leak is a surface gas leak rather than an underwater oil leak, making its potential for environmental damage far lower than in the Deepwater Horizon case."

Fitch added that the potential is low for the leak to escalate and that it does not threaten the company's ratings, even under a "worse-than-base-case" scenario where Total may have to shut down the Elgin field to solve the problem.

Shares of Total were down 1.76% to €37.88 at midday.

S.B.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE