Fitch affirms China National

Fitch Ratings said it affirmed China National Petroleum Corp.'s, CNPC Finance (HK) Ltd.'s and PetroChina Co. Ltd.'s A+ long-term foreign-currency issuer default ratings and AA- long-term local-currency issuer default ratings.

The outlook on the long-term foreign-currency issuer default rating is stable while the outlook on the long-term local-currency issuer default rating is negative.

The ratings are constrained by those of China given the companies' strong linkages with the sovereign, Fitch said.

China National's business profile and financial metrics remain comparable to the international oil and gas majors and supportive of an AA standalone rating, the agency said.

However, should the losses of its refining operations significantly increase or are sustained at the high levels seen in 2011, the company's credit profile may weaken, Fitch said.

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