Moody's assigns Sinochem notes A3, securities Baa1

Moody's Investors Service said it assigned an A3 rating to the proposed senior unsecured dollar-denominated notes to be drawn down under the $10 billion medium-term note program issued by Sinochem Offshore Capital Co. Ltd. (SOCC) and guaranteed by Sinochem Hong Kong (Group) Co. Ltd., which Moody’s rates A3.

Moody's also assigned a Baa1 rating to the proposed subordinated perpetual securities to be drawn down under the MTN program.

The A3 rating reflects that the notes will rank equally with all other senior unsecured obligations of Sinochem HK. The Baa1 rating on the securities is a notch lower than Sinochem HK's senior unsecured obligations to reflect the subordinated status of the securities, the agency said.

Sinochem HK plans to use most of the proceeds to refinance its maturing debt and the remainder for general corporate purposes.

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