Fitch rates China National A+

Fitch Ratings said it assigned A+ foreign-currency long-term issuer default ratings to China National Petroleum Corp. and CNPC Finance (HK) Ltd.

The outlook is stable.

CNPC Finance is a captive finance subsidiary of China National.

Fitch also said it assigned an expected rating of A+ to the proposed dollar-denominated notes to be issued by CNPC (HK) Overseas Capital Ltd., which are to be irrevocably and unconditionally guaranteed by CNPC Finance.

The company's business profile and financial metrics are comparable to the international oil and gas majors and supportive of an AA stand-alone rating, Fitch said.

But because China Finance is 100% owned by the state, the ratings are constrained by the A+ China sovereign foreign-currency rating, the agency said.

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