S&P lifts Sinochem Hong Kong

Standard & Poor's said it raised the long-term corporate credit rating on Sinochem Hong Kong (Group) Co. Ltd. to A- from BBB+.

The outlook is stable.

S&P also said it raised the long-term issue rating on the company's guaranteed senior unsecured notes to A- from BBB+ and the long-term Greater China regional scale ratings on the company and the notes to cnAA from cnA+.

The agency also affirmed the A-1+ and cnA-1+ short-term ratings on the company's commercial-paper program.

Sinochem Hong Kong is Sinochem Group's key platform to conduct international trade, investments and offshore funding, S&P said.

The company will benefit from the increased importance of its parent, Sinochem Group, to the Chinese government, the agency said.

Sinochem Group's importance to the Chinese government in supporting the nation's food safety, productivity and national security has been growing, S&P said.

The Chinese government has been providing crucial support to Sinochem Group in its strategic refocusing endeavor, the agency said.

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