Moody’s affirms Sinochem Hong Kong

Moody's Investors Service said it affirmed Sinochem Hong Kong (Group) Co. Ltd.'s issuer rating of A3 and stable outlook.

At the same time, the agency affirmed the provisional A3 rating of the medium-term note program of Sinochem Offshore Capital Co. Ltd. and guaranteed by Sinochem Hong Kong and the A3 senior unsecured debt ratings on the notes issued under the program.

Moody’s also affirmed the A3 rating of the senior unsecured bonds issued by Sinochem Overseas Capital Co. Ltd. and guaranteed by Sinochem Hong Kong and the Baa2 rating of the subordinated guaranteed perpetual capital securities issued by Sinochem Global Capital Co., Ltd. and guaranteed by Sinochem Hong Kong.

“We expect Sinochem HK's credit profile will not be affected by the transfer of its oil trading in addition to its oil and gas exploration and production businesses to its parent, Sinochem Group," Chenyi Lu, Moody's vice president and senior credit officer, said in a news release.

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