HONG KONG (Standard&Poor's) April 23, 2014--Standard&Poor's Ratings Services today assigned its 'AA-' long-term issue rating and 'cnAAA' long-term Greater China regional scale rating to a proposed issue of U.S.-dollar-denominated senior unsecured notes that CNOOC Ltd. (AA-/Stable/--; cnAAA/--) will unconditionally and irrevocably guarantee. CNOOC Nexen Finance (2014) ULC, a newly established special purpose entity, will issue the notes. The ratings on the notes are subject to our review of the final issuance documentation. We expect CNOOC Ltd. to use the issuance proceeds to refinance its wholly owned subsidiary Nexen Energy ULC under the US$2.0 billion facility agreement dated Feb. 15, 2014, and for general corporate purposes. The rating on CNOOC Ltd. reflects the company's 'a' stand-alone credit
