S&P upgrades Cnooc

S&P said it raised the long-term corporate credit rating on China National Offshore Oil Corp. (Cnooc Group), Cnooc Ltd. and Cnooc Finance Corp. Ltd. to A+ from A.

The outlook is stable.

The agency also raised the issue rating on the senior unsecured notes that Cnooc Group and Cnooc guarantee to A+ from A.

S&P said it raised the ratings due to an expectation that the company can sustain improvement in its credit metrics and that it has a large rating buffer to weather volatility in oil prices.

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