We have reviewed China's rated oil and gas exploration and production companies following our revised estimate for oil and natural gas prices. We have lowered our Brent crude oil price assumption to US$40 per barrel in 2016 and $45 per barrel in 2017. The larger-than-expected decline in oil prices is likely to weaken CRH's profitability and financial leverage. We are therefore lowering our long-term corporate credit rating on CRH to 'BB-' from 'BB'. We are also lowering the long-term Greater China regional scale rating on the company to 'cnBB+' from 'cnBBB-'. The stable outlook reflects our expectation that CRH will continue to receive ongoing support from its parent over the next 12 months at least. However, we believe that the
