RPT-Fitch Rates CNPC's US Dollar Bonds Final 'A+'
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May 8 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has assigned CNPC General Capital Limited's (CNPCGC) USD750m guaranteed senior floating rate notes due 2017 and USD750m 2.75% guaranteed senior notes due 2019 final ratings of 'A+'.
The ratings reflect the irrevocable and unconditional guarantee by CNPC Finance (HK) Limited (CPFHK; A+/Stable), a wholly owned subsidiary of China Petroleum Finance Limited (CPF). CPF 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.
The notes are rated at the same level as CPFHK's senior unsecured rating as they represent unconditional, unsecured and unsubordinated obligations of the company.
The final rating 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 6 May 2014.
KEY RATING DRIVERS
Operations Integral with Parent: CPF and CPFHK together function as the sole treasury centre for the CNPC group, centralising settlements, debt financing and cash management. CNPC appoints all of CPF's board members and senior management members. CPF appoints all of CPFHK's board members; CPF, together with CPFHK's board members, appoints all of CPFHK's senior management members. CPF's consolidated assets are also material in the context of CNPC's overall balance sheet. Continuación...