Moody’s rates Cnooc notes A1

Moody's Investors Service said it assigned an A1 senior unsecured rating to the proposed notes to be issued by Cnooc Finance (2015) U.S.A. LLC and unconditionally and irrevocably guaranteed by Cnooc Ltd. (A1 stable).

The outlook is stable.

Proceeds will be used to repay existing debt and for general corporate purposes.

The A1 rating on the notes reflects the guarantee from Cnooc Ltd., as well as the fact that the notes rank pari passu with its other senior unsecured obligations.

Moody’s said Cnooc’s A1 rating incorporates: (a) Its standalone credit strength which is equivalent to a Baa1 rating level; and (b) a three-notch uplift based on Moody's assessment of a very high likelihood of extraordinary support for the company from the Government of China (A1 stable), through its parent, China National Offshore Oil Corp. (A1 stable), in times of need.

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