公告日期：2013-04-11

惠誉授予中石油集团发行的美元债券最终的‘A+’级（英文）

Fitch Ratings-Hong Kong-11 April 2013: Fitch Ratings has assigned CNPC General Capital Limited's (CNPCGC) USD750m 1.45% guaranteed senior notes due 2016, USD500m 1.95% guaranteed senior notes due 2018 and USD750m 3.4% guaranteed senior notes due 2023 final ratings of 'A+'.



The notes are irrevocably and unconditionally guaranteed by CNPC Finance (HK) Limited (CPFHK, A+/Stable).



The final rating assignment follows a review of final documentation materially conforming to the draft documentation previously reviewed. The final ratings are same as the expected ratings assigned on 9 April 2013.



Key Rating Drivers



The ratings reflect the irrevocable and unconditional guarantee by CPFHK, a wholly owned subsidiary of China Petroleum Finance Limited (CPF). The latter is 51%-owned by China National Petroleum Corporation (CNPC; A+/Stable) and 49%-owned by PetroChina Limited (PetroChina) (A+/Stable), which is itself 86.51%-owned by CNPC.



CPFHK's ratings are a reflection of the integral and central foreign currency treasury role of the company to, and the overall strong industry and financial metrics of the parent, CNPC.



CNPC's Foreign Currency Issuer Default Rating (IDR) of 'A+'/Stable is constrained by its 100% owner, the Chinese government (A+/Stable). Although CNPC's financial profile has weakened due to heavy capex and weaker cash generation from its mid-stream operations, refining and gas businesses specifically, its strong operating profile as one of the world's largest integrated oil & gas companies makes it a 'AA' category credit on a standalone basis.



Rating Sensitivities



Any change to China's Foreign-Currency IDR will lead to a corresponding change to the IDRs of CNPC and CPFHK.



Contact:



Primary Analyst



Edwin Lam



Director



+852 2263 9975



Fitch Ratings (Hong Kong) Ltd.



2801, Tower Two, Lippo Centre



89 Queensway, Hong Kong



Secondary Analyst



Michael Wu



Director



+852 2263 9922



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