Moody’s gives A3 to Sinochem notes

Moody's Investors Service said it assigned an A3 rating to the proposed yuan-denominated notes to be issued under the medium-term note program of Sinochem Offshore Capital Co. Ltd. and guaranteed by Sinochem Hong Kong (Group) Co. Ltd. (Sinochem HK, A3 stable).

Proceeds will be used to refinance the company's existing debt and for general corporate purposes.

The A3 rating reflects the guarantee from Sinochem HK, the agency said.

“Sinochem HK's A3 issuer rating incorporates its standalone credit strength, which is equivalent to a Ba1 rating level, and a four-notch uplift based on Moody's assessment of a high likelihood of support from Sinochem Group in times of need,” Moody’s said in a news release.

“Sinochem Group is a central government-owned enterprise fully owned by the State-Owned Assets Supervision and Administration Commission (Sasac) in China (A1 stable).”

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