Moody's rates CNPC Finance A1

Moody's Investors Service said it assigned an A1 issuer rating with a stable outlook to CNPC Finance (HK) Ltd.

Moody's also affirmed the A1 senior unsecured ratings for the company's dollar- and renminbi-denominated bonds with a positive outlook, which is in line with the positive outlook of its ultimate parent, China National Petroleum Corp.

Moody's said the rating mainly reflects the close linkage of the company and its parent, China Petroleum Finance Co. Ltd., with their ultimate parent, CNPC, and their strategic importance within the group as the sole entities managing CNPC's onshore and offshore treasury operations.

The agency said it believes there are strong reputational, financial and operational incentives for CNPC to support both China Petroleum Finance and CNPC Finance (HK), if necessary.

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