Moody's trims China Oil and Gas

Moody's Ratings said it downgraded China Oil and Gas Group Ltd.'s (COG) corporate family rating and senior unsecured rating to Ba3 from Ba2.

At the same time, Moody's maintains the negative outlook of the company.

“The downgrade of COG's ratings highlights the company's additional governance risk related to the company’s weak internal controls and reporting procedures as a result of the delay in releasing its 2023 financial results, on top of the previous governance considerations related to the external guarantee and loan to associates,” said Ralph Ng, a Moody's vice president and senior analyst, in a news release.

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