Fitch upgrades Sinochem HK to A

Fitch Ratings said it upgraded Sinochem Hong Kong (Group) Co. Ltd.’s (Sinochem HK) long-term issuer default rating and senior unsecured rating to A from A-.

The outlook is stable.

Fitch said the upgrade was driven by its internal assessment of Sinochem HK's parent, Sinochem Corp., under the agency's Government-Related Entities Rating Criteria. Based on this criteria, Sinochem Corp, which is indirectly wholly owned by China's central State-owned Assets Supervision and Administration Commission (central Sasac), is assessed on a top-down approach from the Chinese sovereign (A+/stable).

Sinochem HK, in turn, is equalized with its parent's credit assessment under Fitch's Parent and Subsidiary Rating Linkage (PSL) methodology due to the very strong legal, operational and strategic ties between them, the agency explained.

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