Moody's upgrades CNOO

Moody's Investors Service said it upgraded the issuer rating of China National Offshore Oil Corp. to Aa3 from A1.

The outlook is stable.

The action was prompted by a decision to upgrade the People's Republic of China's ratings to Aa3 from A1

The company is a government-related issuer and its rating incorporates a high level of support from the government, its 100% shareholder, as well as the company's importance in the national oil and gas sector, Moody's said.

The company's rating is underpinned by the strong credit profile of Cnooc Ltd., its listed oil and gas exploration and production subsidiary, the agency said, along with its conservative level of financial leverage.

The stable outlook reflects an expectation that its fundamental credit quality will remain steady, despite the uncertain nature of the environment for the oil and petrochemicals industries, Moody's added.

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