Fitch assigns A- senior rating to PetroChina

Fitch Ratings said it assigned an A- senior unsecured foreign currency rating to PetroChina Ltd. with a positive outlook and assigned the company an A senior unsecured local currency rating with a stable outlook.

"PetroChina has exceptionally strong business and financial profiles, and its ratings could be higher but are constrained by Fitch's country ceiling for China," said Ma Shang, associate director in Fitch's Asia-Pacific Corporates team.

Currently, China's long-term foreign currency rating is at A- as is its country ceiling rating.

Fitch said the ratings reflect PetroChina's world-scale petroleum reserves, its dominance in China's upstream market as the country's largest oil and gas producer with over 75% market share in terms of domestic reserves, and its strong exploration and production capability. PetroChina is also the second largest player in the downstream - refining, petrochemical and retailing - markets in China, offering diversified and complete product lines.

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