Fitch affirms Cnooc

Fitch Ratings said it affirmed Cnooc Ltd.'s long-term foreign- and local-currency issuer default ratings at A+. The outlook is stable.

The agency also affirmed the company's senior unsecured rating and the rating of Cnooc Nexen Finance (2014) ULC's senior unsecured notes at A+.

In addition, Fitch affirmed Cnooc’s short-term foreign- and local-currency issuer default rating at F1 and withdrew the ratings.

Fitch said it assesses Cnooc's status, ownership and control by the state as very strong.

“Cnooc is fully state-owned and the government has strong influence on its strategy, retains control over the board and appoints senior management,” the agency said in a news release.

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