S&P takes Cnooc off watch

S&P said it removed all its ratings from CreditWatch with negative implications and affirmed its A+ ratings on China National Offshore Oil Corp., Cnooc ltd., Cnooc Finance Corp. Ltd., and Cnooc Insurance Ltd. The agency also affirmed the A+ long-term issue rating on the U.S. dollar senior unsecured bonds that Cnooc and Cnooc Ltd. guarantee.

“Risks for oil companies are escalating amid rising environmental, social, and governance (ESG) awareness and energy transition, but Chinese NOCs (national oil companies) are likely to fare better than their international peers. We have revised our industry risk assessment to reflect the trajectory of oil and gas demand,” S&P said in a press release.

“We believe Chinese NOCs are in a better position to tackle industry challenges than their international peers. This is despite China’s target to achieve peak carbon emission by 2030 and net-zero carbon emission by 2060, the agency said.

The outlook is stable.

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