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00883 CNOOC
RTNominal up8.480 +0.410 (+5.081%)
Research Report

09/02/2021 09:34

Ratings on CNOOC and units affirmed; off CreditWatch - S&P

[ET Net News Agency, 9 February 2021] S&P Global Ratings placed the long-term issuer
credit ratings on China National Offshore Oil Corp. (CNOOC) and its rated subsidiaries on
CreditWatch with negative implications on 26 January 2021 after revising its risk
assessment for the exploration and production industry to moderately high from
intermediate. The credit rating agency believes energy transition, price volatility, and
weaker profitability are increasing risks for oil and gas producers.
However, S&P noted that Chinese national oil companies (NOCs), including CNOOC, are
better positioned to withstand industry headwinds than their international peers. S&P's
view reflects their policy role in China's oil and gas industry and strong state support,
growth in domestic oil and gas consumption, and CNOOC's above-average return on capital.
The agency is affirming its 'A+' long-term issuer credit ratings on CNOOC, CNOOC Ltd.
(00883), CNOOC Finance Corp. Ltd., and CNOOC Insurance Ltd. It is also affirming the 'A+'
long-term issue rating on the U.S. dollar senior unsecured bonds that CNOOC and CNOOC Ltd.
guarantee. All ratings have been removed from CreditWatch with negative implications.
The stable outlook on CNOOC and its subsidiaries reflects the outlook on the sovereign
credit rating on China. It also reflects S&P's expectation that CNOOC will remain dominant
in China's offshore oil and gas exploration and production industry, and maintain a
debt-to-EBITDA ratio of below 2.0x in the next 24 months thanks to stringent cost control.

Remark: Real time quote last updated: 27/09/2021 17:59
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