The rating on CNOOC Ltd. reflects its strong stand-alone credit profile and Standard&Poor's opinion that there is an "extremely high" likelihood that the People's Republic of China government (China: A+/Stable/A-1+) will provide sufficient and timely extraordinary support to CNOOC Ltd. in the event of financial distress. The long-term corporate credit rating factors in one notch of government support. We assess CNOOC Ltd.'s stand-alone credit profile at 'A', reflecting its strong business risk profile and a modest financial risk profile. CNOOC Ltd. is the core operating subsidiary of China National Offshore Oil Corp. (CNOOC, A+/Stable/--), which is one of three government-owned oil companies in China. In accordance with our criteria for government-related entities, our view of an "extremely high"
