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S&P lowers Chinese Petroleum
Standard & Poor's said it lowered its long-term corporate credit rating on Chinese Petroleum Corp. to A from A+.
The outlook is negative.
The agency said that the rating was removed from CreditWatch, where it had been placed with negative implications on June 28.
S&P added that the rating action is based on the company's markedly weakened financial risk profile resulting from the company's inability to fully pass on high crude oil costs to consumers because of the government of Taiwan's (AA-/negative/A-1+) inflationary concerns.
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