S&P: Sinopec on positive watch

Standard & Poor’s said it placed on CreditWatch with positive implications the A+ long-term and A-1 short-term corporate credit rating on China Petrochemical Corp. (Sinopec Group).

The ratings also on positive watch include all of the A+ ratings on the outstanding notes that Sinopec Group guarantees, along with the A+ long-term corporate credit rating on China Petroleum & Chemical Corp. (Sinopec Corp.) and the A+ ratings on the outstanding notes that Sinopec guarantees.

Also on positive watch includes the A long-term and A-1 short-term corporate credit rating on Sinopec Century Bright Capital Investment Ltd. and its cnAA+ long-term and cnA-1 short-term Greater China regional scale rating.

The positive watch reflects Sinopec’s financial strength and liquidity, which are likely to materially improve following the completion of its proposed partial sale of marketing assets, S&P said.

The group is likely to use the proceeds to fund its capital expenditure, mainly in upstream segments, the agency said, and reduce its debt.

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