LONDON, June 3 (Reuters) - Ratings agency S&P Global on Monday revised lower BP's credit outlook, citing slower than expected debt reduction in a blow to CEO Murray Auchincloss who has sought to win back investor support following a turbulent year.

The agency downgraded the energy company's credit outlook to stable from positive while affirming its 'A-' long-term and 'A-2' short-term issuer credit ratings.

"BP's updated cash allocation strategy is less likely to result in meaningful further absolute debt reduction," S&P said in a statement.

A BP spokesperson declined to comment.

Auchincloss took the reins in January with a vow to take a pragmatic approach to steady the company after a bruising period that followed the abrupt resignation of predecessor Bernard Looney last September.

Auchincloss, who was head of finances under Looney, has sought to simplify BP's operations and cut costs in the face of investor doubts over plans to reduce the company's focus on oil and gas and expand a low-carbon business. (Reporting by Ron Bousso; Editing by Jan Harvey and Mark Potter)