Fitch revises view on China Oilfield Services to negative

Fitch Ratings said it revised the outlook on China Oilfield Services Ltd.’s (COSL) long-term foreign-currency issuer default rating to negative from stable and affirmed the IDR and senior unsecured rating at A.

Fitch also affirmed the A ratings on the senior unsecured notes guaranteed by COSL.

COSL is 50.53%-owned by China National Offshore Oil Corp. (Cnooc), one of China's three national oil companies. The outlook revision is based on Fitch's internal credit reassessment of Cnooc’s outlook, following Fitch’s revision of the outlook on China's A+ sovereign rating to negative from stable on April 9.

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