The rating on CNOOC Ltd. reflects the company's strong stand-alone credit profile and our opinion that there is an "extremely high" likelihood that the government of China (AA-/Stable/A-1+; cnAAA/cnA-1+) will provide sufficient and timely extraordinary support to CNOOC Ltd. in the event of financial distress. 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
