S&P puts Chinese Petroleum on watch

Standard & Poor's said it placed its A+ long-term corporate credit rating on Chinese Petroleum Corp. (CPC) on CreditWatch with negative implications.

The CreditWatch placement is based on concerns over high crude oil costs, which CPC, as a wholly government-owned refinery, is unable to fully pass onto consumers because of the government of Taiwan's (AA-/negative/A-1+) inflationary concerns, the agency said.

Accordingly, CPC's financial risk profile has deteriorated substantially in the first half of 2006, S&P noted.

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