Fitch: Kunlun Energy notes A

Fitch Ratings said it assigned a long-term foreign-currency issuer default rating of A to Kunlun Energy Co. Ltd. with a stable outlook, as well as a senior unsecured rating of A.

Fitch also said it assigned an expected A rating to its proposed dollar-denominated senior unsecured notes.

The ratings are closely aligned with the credit profile of its ultimate parent, China National Petroleum Corp., the agency said.

Kunlun is rated one notch below China National’s rating due to the close strategic and operational linkages, Fitch said, and the significant support Kunlun has received from China National and its subsidiary, PetroChina Co. Ltd.

Kunlun’s strong standalone credit profile is A-, reflecting predictable cash flow generated from its strategic Shaanxi-Beijing Line, as well as robust credit metrics, the agency added.

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