Foreign currency: AA-/Stable/-- Local currency: AA-/Stable/-- Greater China regional scale: cnAAA/-- CNOOC Ltd. is the core operating subsidiary of China National Offshore Oil Corp. (CNOOC; AA-/Stable/--; cnAAA/--), which is one of three wholly government-owned oil companies in China. In accordance with our criteria for government-related entities, our view of an "extremely high" likelihood of extraordinary government support is based on our assessment of the following CNOOC Ltd. characteristics: "Critical" role to the government. The company plays a key role in helping the government ensure a secured supply of energy to meet growing domestic demand. "Very strong" link to the government. The Chinese government indirectly owns about 64.45% of the company. In our view, the government is able to exert a
