Bulletin: CNOOC Ltd. Key Credit Metrics Track Our Expectations Despite Interim Net Loss; No Immediate Rating Impact - S&P Global Ratings’ Credit Research

Bulletin: CNOOC Ltd. Key Credit Metrics Track Our Expectations Despite Interim Net Loss; No Immediate Rating Impact

Bulletin: CNOOC Ltd. Key Credit Metrics Track Our Expectations Despite Interim Net Loss; No Immediate Rating Impact - S&P Global Ratings’ Credit Research
Bulletin: CNOOC Ltd. Key Credit Metrics Track Our Expectations Despite Interim Net Loss; No Immediate Rating Impact
Published Aug 25, 2016
Published Aug 25, 2016
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Abstract:

HONG KONG (S&P Global Ratings) Aug. 26, 2016--S&P Global Ratings today said the rating on CNOOC Ltd. (A+/Negative/--; cnAAA/--) is not immediately affected by its headline net loss in the first six months of 2016. The company's key credit metrics remain on track with our full-year forecast. CNOOC Ltd. made a headline net loss of Chinese renminbi (RMB) 7.7 billion, in line with the company's profit warning on July 28, 2016. The loss was primarily driven by a RMB10.4 billion impairment, mainly related to fields in North America, Europe, and Africa. The impairment was a result of falling oil prices, and has no impact on the company's cash flow. Excluding impairments, 2016 interim EBITDA of about RMB35 billion was on

  
Report Type:

Bulletin

Ticker
883@HK
Issuer
CNOOC Ltd.
GICS
Oil & Gas Exploration & Production (10102020)
Sector
Global Issuers
Country
Hong Kong
Region
Latin America
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Bulletin: CNOOC Ltd. Key Credit Metrics Track Our Expectations Despite Interim Net Loss; No Immediate Rating Impact" Aug 25, 2016. Alacra Store. May 21, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-CNOOC-Ltd-Key-Credit-Metrics-Track-Our-Expectations-Despite-Interim-Net-Loss-No-Immediate-Rating-Impact-1700703>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: CNOOC Ltd. Key Credit Metrics Track Our Expectations Despite Interim Net Loss; No Immediate Rating Impact Aug 25, 2016. New York, NY: Alacra Store. Retrieved May 21, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-CNOOC-Ltd-Key-Credit-Metrics-Track-Our-Expectations-Despite-Interim-Net-Loss-No-Immediate-Rating-Impact-1700703>
  
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