In a note to bondholders the ratings agency said the $1.93bn investment in Queensland Curtis LNG and subsequent supply pact with the BG Group will strengthen Hong Kong-based CNOOC’s “dominant position” as China’s largest LNG importer.
Moody’s described the transaction as credit negative and indicated it wouldn’t have an immediate impact on its debt grade or “stable outlook” designation but warned that the all in cost of the deal may top $5bn when the smoke clears.
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