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

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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

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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