amp;T now shares fifth place with Venezuela in BMI's composite Business Environment (BE) ratings, which combine upstream and downstream scores. It ranks fifth, above Argentina, in BMI's updated upstream Business Environment ratings, thanks largely to its natural gas resource base and rising output. It stands just one point clear of Argentina, but its combination of attractive licensing terms, competitive landscape and moderate country risk should be sufficient to keep it safe from hostile advances over the m audi edium term. T&T shares fifth place with Mexico in BMI's downstream Business Environment ratings, reflecting its modest level of oil consumption, refining capacity expansion plans and relatively high retail site intensity. Chile, six points below, should pose no threat over the near term.
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