S&P could lift Sinopec, Cnooc

Standard & Poor's said it placed on CreditWatch positive the long-term corporate credit ratings on four China oil and gas companies: China Petroleum & Chemical Corp. (Sinopec, BBB/--), China National Offshore Oil Corp. (A-/--), Cnooc Ltd. (A-/--) and Cnooc Finance Corp. Ltd. (A-/--).

S&P said the CreditWatch follows the agency's revised outlook on the People's Republic of China to positive from stable and affirmation of the A long-term and A-1 short-term sovereign ratings.

The CreditWatch reflects the companies' strong business fundamentals, their strategic importance to China's overall economy and majority state-owned ownership, as well as China's strong economic growth potential, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.