S&P rates Cnooc notes A+

S&P said it assigned its A+ long-term issue rating to Cnooc Finance (2015) USA LLC’s proposed dollar-denominated senior notes.

Cnooc Ltd. provides an unconditional and irrevocable guarantee for the notes.

Proceeds will be used to repay existing debt and for general corporate purposes.

“The rating on the notes is the same as the issuer credit rating on Cnooc Ltd. because of credit substitution under the guarantee,” S&P said in a news release.

“In our view, Cnooc Ltd.'s leverage is low enough to limit the possibility of any lenders being significantly disadvantaged relative to other lenders. We believe the issuance will have a minimal impact on Cnooc Ltd.'s cash flow and leverage ratios.”

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