S&P rates Sinochem, notes BBB+

Standard & Poor's said it assigned a BBB+ long-term corporate credit rating to Sinochem Hong Kong (Group) Co. Ltd., along with a BBB+ rating to the proposed benchmark-sized senior unsecured notes to be issued by Sinochem Overseas Capital Co. Ltd., guaranteed by Sinochem Hong Kong.

The outlook is negative.

The rating is subject to final documents.

The ratings reflect the high likelihood that the Chinese government will provide sufficient and timely extraordinary support to Sinochem Hong Kong in the event of financial distress, S&P said.

Its stand-alone credit profile is at the BB+ level, which reflects the company's satisfactory business risk profile and significant financial risk profile, the agency said.

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