S&P rates CNPC notes A+

Standard & Poor's said it assigned an A+ rating to the proposed issue of dollar-denominated senior unsecured notes by CNPC General Capital Ltd.

CNPC Finance (HK) Ltd. will unconditionally and irrevocably guarantee the notes.

S&P also said it assigned a cnAAA Greater China credit scale rating to the proposed notes.

The issuer will advance the proceeds from the proposed issue to a CNPC subsidiary outside of China for general corporate purposes.

The rating reflects the company's strong stand-alone credit profile of AA-, S&P said.

It also considers the extremely high likelihood that the government of China will provide sufficient and timely extraordinary support to CNPC in the event of financial distress, the agency said.

CNPC plays a key role in ensuring a secured supply of energy to meet the growing domestic demand, S&P 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.