The rating on CNOOC Ltd. reflects the company's strong stand-alone credit profile and Standard&Poor's opinion that there is an "extremely high" likelihood that the government of China (AA-/Stable/A-1+; Greater China scale cnAAA/cnA-1+) will provide sufficient and timely extraordinary support to CNOOC Ltd. in the event of financial distress. We assess CNOOC Ltd.'s stand-alone credit profile at 'a', reflecting our view of the company's strong business risk profile and minimal financial risk profile. CNOOC Ltd. is the core operating subsidiary of China National Offshore Oil Corp. (AA-/Stable/--; Greater China scale cnAAA/--), which is one of three three oil companies in China that government fully owns. In accordance with our criteria for government-related entities, our view of an "extremely high"
