We believe CNOOC's cost controls and reduced capital spending will help the company to counter low oil prices and keep its cash flow adequacy commensurate with the rating. We also see an "extremely high" likelihood that CNOOC would receive timely and sufficient extraordinary government support if it comes under financial stress. We are affirming our 'AA-' long-term corporate credit rating and 'cnAAA' long-term Greater China regional scale rating on CNOOC. We are also affirming our issue ratings on the senior unsecured notes that the company guarantees. The stable outlook for the next 24 months on CNOOC Ltd. reflects the outlook on the sovereign rating on China. On April 23, 2015, Standard&Poor's Ratings Services affirmed its 'AA-' long-term corporate
