S&P upgrades China, Hong Kong companies

Standard & Poor's said it upgraded the following China-based and Hong Kong-based companies:

• China Life Insurance Co. Ltd.'s corporate credit rating was upgraded to AA- and A+ with a stable view.

• China Mobile Ltd.'s corporate credit rating was upgraded to AA- and A+ with a stable outlook.

• China National Offshore Oil Corp.'s corporate credit rating was upgraded to AA- from A+ with a stable outlook.

• China Petroleum & Chemical Corp.'s corporate credit rating and foreign-currency ratings were upgraded to A+ from A with a stable outlook.

• Cnooc Finance Corp. Ltd.'s corporate credit rating was upgraded to AA- from A+ with a stable outlook.

• Cnooc Ltd.'s corporate credit rating was upgraded to AA- from A+ with a stable outlook.

• Airport Authority Hong Kong's corporate credit rating was upgraded to AAA from AA+ with a stable outlook.

• Hong Kong Mortgage Corp. Ltd.'s counterparty credit rating was upgraded to AAA and A-1+ from AA+ and A-1+ with a stable outlook.

• Kowloon Canton Railway Corp.'s corporate credit rating was upgraded to AAA and A-1+ from AA+ and A-1+ with a stable outlook.

• MTR Corp. Ltd.'s corporate credit rating was upgraded to AAA and A-1+ from AA+ and A-1+.

• Urban Renewal Authority's corporate credit rating was upgraded to AAA from AA+ with a stable view.

The upgrades follow the upgrade of the long-term sovereign credit rating on the People's Public of China to AA- with a stable outlook and the upgrade of the long-term issuer credit rating on Hong Kong Special Administrative Region to AAA with a stable outlook.

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