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Fitch rates CNPC bonds A+
Fitch Ratings said it assigned CNPC General Capital Ltd., BVI's proposed dollar guaranteed senior notes due 2017 and 2022 expected ratings of A+.
CNPC has A+ long-term foreign-currency issuer default ratings with stable outlook and AA- long-term local-currency issuer default ratings with negative outlook.
The notes will be irrevocably and unconditionally guaranteed by CNPC Finance (HK) Ltd. (A+/stable), a wholly owned subsidiary of China Petroleum Finance Ltd. The latter is 51%-owned by China National Petroleum Corp. (A+/stable) and 49%-owned by PetroChina Ltd. (A+/stable), which is itself 86.51%-owned by CNPC.
The notes will be governed by substantially the same terms as the notes issued by CNPC (HK) Overseas Capital Ltd. in April 2011, the agency said.
CNPC's ratings are capped at China's long-term foreign and local currency issuer default rating of A+ (stable) and AA- (negative), reflecting government ownership of the company, the agency noted.
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