Moody’s assigns A1 to CNPC notes

Moody’s Investors Service said it assigned an A1 senior unsecured rating to the dollar-denominated senior unsecured notes to be issued by CNPC Global Capital Ltd. and guaranteed by its parent, China National Petroleum Corp., which the agency rates A1.

The A1 rating on the notes reflects CNPC’s guarantee and that the notes will rank pari passu with all of the company’s other senior unsecured obligations, Moody’s said.

Proceeds will be used to refinance CNPC’s debt and for general corporate purposes.

The outlook is stable.

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