Fitch gives Sinochem notes A, securities at BBB+

Fitch Ratings said it assigned Sinochem Hong Kong (Group) Co. Ltd.'s proposed senior unsecured notes an A rating and proposed subordinated guaranteed perpetual securities a BBB+ rating.

The debt instruments will be issued by its wholly owned subsidiary Sinochem Offshore Capital Co. Ltd. under its medium-term note and perpetual securities program, and are guaranteed by Sinochem HK.

The notes are rated at the same level as Sinochem HK's senior unsecured debt as they represent direct, unconditional, unsecured and unsubordinated obligations of the company. The subordinated perpetual securities are rated two notches below Sinochem HK's A issuer default rating under Fitch's corporate hybrids treatment and notching criteria. The two-notch difference reflects the notes' coupon-deferral feature and highly subordinated nature, the agency said.

The proceeds will be used for refinancing.

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