S&P Cuts China State Oil Firms’ Outlook to ‘Negative’

Ratings agency Standard and Poor’s downgraded a significant number of Chinese oil and infrastructure companies on Friday, just a day after downgrading the country’s credit rating outlook.

Twenty so-called “government related corporate and infrastructure entities,” or GREs, saw their outlooks revised because, S&P said in a press release “we believe their credit profiles are affected by their importance and strong links with the Chinese central government.”

China National Offshore Oil Corporation, China National Petroleum, China Petrochemical Corporation were among those that had their outlooks downgraded from “stable” to “negative” although the outlook ratings of 31 other GREs were unaffected.

CNBC

Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.