HONG KONG (Standard&Poor's) May 2, 2013--Standard&Poor's Ratings Services today assigned its 'AA-' issue rating, and 'cnAAA' Greater China regional scale rating to a proposed issue of U.S.-dollar-denominated senior unsecured notes that CNOOC Ltd. (AA-/Stable/--; cnAAA/--) irrevocably and unconditionally guarantees. CNOOC Finance (2013) Ltd. will issue the notes. CNOOC Ltd. will use the proceeds from the proposed notes for refinancing part of a US$6 billion bridge loan for the acquisition of Nexen Inc. The rating on the notes is subject to our review of the final issuance documentation. While we expect CNOOC Ltd.'s credit metrics to weaken in 2013, they will remain consistent with the rating. The company's debt increased by nearly US$10.0 billion following the completion
