S&P ups Cnooc long-term credit to A-

Standard & Poor's said it raised its long-term corporate credit rating on China National Offshore Oil Corp. to A- from BBB+.

S&P also raised its long-term corporate credit ratings on Cnooc Ltd., the Offshore Oil group's 70.64% owned exploration and production subsidiary, and Cnooc Finance Corp. Ltd., its wholly owned captive finance subsidiary, to A- from BBB+.

The outlook is stable.

The rating actions reflect the companies' solid business positions, strong financial profiles and S&P's expectations that the Offshore Oil group will maintain a relatively strong financial profile despite its aggressive expansion plans,

S&P placed the ratings on CreditWatch with negative implications on June 23, after the company's bid for Unocal Corp. on concerns that the Offshore Oil group had demonstrated a more aggressive financial appetite than was originally factored into the ratings, the agency said. The ratings were removed from CreditWatch on Aug. 3 after the bid was withdrawn.

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