Moody's: CNPC General notes A1

Moody's Investors Service said it assigned an A1 rating to the guaranteed senior U.S. dollar notes to be issued by CNPC General Capital Ltd., a special purpose vehicle incorporated in British Virgin Islands and indirectly owned by China National Petroleum Corp.

According to Moody's, the notes will be guaranteed by CNPC Finance (HK) Ltd., which is in turn supported by its immediate parent, China Petroleum Finance Co. Ltd. and its ultimate parent, CNPC, in the form of Keepwell Agreements.

At the same time, Moody's said it affirmed the A1 senior unsecured rating on CNPC Finance HK's outstanding guaranteed bonds.

The outlook for all the ratings is positive, which is in line with CNPC's positive outlook.

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