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China Oilfield Services Ltd.'s US$1 Billion Senior Notes Rated 'A-' Dec 12 Product Image

China Oilfield Services Ltd.'s US$1 Billion Senior Notes Rated 'A-' Dec 12

  • ID: 2359368
  • December 2012
  • Region: China
  • Standard & Poors

Abstract
HONG KONG (Standard & Poor's) Dec. 21, 2012--Standard & Poor's Ratings Services today assigned its 'A-' issue rating to the US$1.0 billion 10-year 3.25% senior unsecured notes issued by COSL Finance (BVI) Ltd. At the same time, we also assigned our 'cnAA' Greater China regional scale rating to the notes. China Oilfield Services Ltd. (COSL; A-/Stable/--; cnAA/--) unconditionally and irrevocably guarantees the notes, which were issued on Sept. 6, 2012. This issue rating is the same as the corporate credit rating on COSL. The notes rank pari passu with the other unsecured borrowings of the guarantor. The rating on COSL reflects the company's 'bbb-' stand-alone credit profile (SACP) and our opinion that COSL is a strategically important subsidiary of China...

Companies mentioned in this report are:
- China Oilfield Services Ltd.
- China National Offshore Oil Corp.
- COSL Finance (BVI) Ltd.

Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- China Oilfield Services Ltd.
- China National Offshore Oil Corp.
- COSL Finance (BVI) Ltd.

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