Fitch rates CNPC notes A+

Fitch Ratings said it assigned final A+ ratings to CNPC General Capital Ltd., BVI's $650 million of 2¾% guaranteed senior notes due 2017 and $500 million of 3.95% guaranteed senior notes due 2022. The notes are guaranteed by CNPC Finance (HK) Ltd. (A+/stable), a subsidiary of China National Petroleum Corp. (A+/stable).

China National Petroleum's ratings are capped at China's long-term foreign- and local-currency issuer default rating of A+(stable) and AA-(negative), respectively, reflecting government ownership of the company.

The agency said CNPC Finance (HK)'s ratings are a reflection of the integral and central foreign-currency treasury role of the company and the overall strong industry and financial metrics of China National Petroleum.

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