S&P rates Sinochem program A-

Standard & Poor's said it assigned its A- long-term issue rating and cnAA long-term Greater China regional scale rating to the $3 billion medium-term notes program of Sinochem Hong Kong (Group) Co. Ltd. and the first senior unsecured notes issued under the program.

Sinochem Offshore Capital Co. Ltd., a special purpose entity, will issue the notes.

Sinochem Hong Kong will unconditionally and irrevocably guarantee the notes issued under the program.

S&P said it equalized the ratings on Sinochem Hong Kong with the a- group credit profile of the Sinochem group because it regards Sinochem Hong Kong as a core member of the group.

The group credit profile reflects Sinochem group's bb+ standalone credit profile and the agency's assessment of a "very high" likelihood of extraordinary support from the Chinese government in case the group comes under financial distress.

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