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Fitch rates China National AA-
Fitch Ratings said it assigned a long-term local-currency issuer default ratings of AA- to China National Petroleum Corp. and CNPC Finance (HK) Ltd.
The outlook is negative.
Fitch also said it assigned an expected AA- rating to the proposed yen-denominated dim sum bonds to be issued by CNPC Golden Autumn Ltd., BVI.
The ratings are capped at China's long-term foreign- and local-currency issuer default rating of A+ and AA-, reflecting government ownership of the company, the agency said.
Fitch said the company's business profile and financial metrics are comparable to international oil and gas majors and supportive of an AA standalone rating.
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