Fitch ups PetroChina view to positive

Fitch Ratings said it revised the outlook on PetroChina Co. Ltd.'s long-term foreign-currency issuer default rating to positive from stable.

At the same time, the agency affirmed PetroChina's long-term foreign-currency issuer default rating at A and its long-term local-currency issuer default rating at A+, the latter with a stable outlook.

The rating action is triggered by a similar revision to the outlook for the foreign- and local-currency issuer default ratings for the People's Republic of China to positive from stable.

Fitch said PetroChina's foreign-currency issuer default rating will continue to be constrained by the country ceiling rating of China, currently at A.

The agency said PetroChina has exceptionally strong business and financial profiles. The company's ratings reflect its world-scale petroleum reserves, leadership in China's oil and gas production, strong exploration and production capability and the integrated nature of its energy businesses.

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