Fitch affirms CNPC, CNPC Finance, PetroChina

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

The outlooks are stable.

CNPC is 100% owned by China's State-owned Assets Supervision and Administration Commission of the State Council, and its ratings are capped by those of the China sovereign (A+/stable) under Fitch's Government-Related Entities rating criteria.

CNPC's standalone credit profile is assessed at AA-, which Fitch said is supported by its large scale, integrated business model, and the ability to maintain its financial leverage in industry downturns. Its forecast FFO-adjusted net leverage of around 1.6 times for the next three years compares well with those of international peers, such as Total SA (AA-/stable) at 1.6 times and Royal Dutch Shell plc (AA-/negative) at 2 times.

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