Fitch rates Sinofert BBB+

Fitch Ratings said it assigned long-term foreign-currency and local-currency issuer default ratings of BBB+ to Sinofert Holdings Ltd., along with a senior unsecured rating of BBB+.

The outlook is stable.

Fitch said it notched Sinofert’s issuer default rating one level down from its 52.65% parent, Sinochem Hong Kong (Group) Co. Ltd.’s rating of A- with stable outlook.

This reflects Sinofert’s strong linkages with Sinochem Hong Kong and is in line with the agency’s criteria, Fitch said.

Sinochem Hong Kong’s ratings are equalized with that of its parent, Sinochem Group, which are two notches lower than China’s sovereign ratings, the agency said.

Sinochem Group plays an important role in the entire value chain of China’s agrochemical industry, especially in research and development for seeds, Fitch said.

The group is crucial to the development of the country’s agriculture sector, the agency said, and has strong state linkages in its rubber and other chemical operations.

It also contributes to the state’s strategic oil reserves, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.