Jan. 27 (Bloomberg) -- Bonds issued by Transocean Ltd. rose after a judge ruled that BP Plc can’t collect part of the $40 billion in cleanup costs and economic losses caused by the 2010 oil well blowout in the Gulf of Mexico.

Transocean’s $1.2 billion of 6.375 percent notes due in December 2021 climbed 2.2 cents to 112.5 cents on the dollar to yield 4.77 percent at 3:38 p.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.

The ruling doesn’t protect Transocean from punitive damages or fines under the Clean Water Act, Stuart Miller, an analyst at Moody’s Investors Service, wrote in a report. The summary judgment is a “credit negative” for Transocean, whose Baa3 rating is on review for a downgrade, Miller said.

The April 2010 Macondo well blowout and the explosion that followed killed 11 workers and set off the worst offshore oil spill in U.S. history. The sinking of Transocean’s Deepwater Horizon drilling rig and spill led to hundreds of lawsuits against BP, its partners and contractors.

BP sued Transocean in April to recover a share of its damages and cost from the spill.

--Editors: Mitchell Martin, Dennis Fitzgerald

To contact the reporter on this story: Zeke Faux in New York at zfaux@bloomberg.net.

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net.