Moody’s assigns Aa3 to Sinopec notes

Moody's Investors Service said it assigned an Aa3 rating to the dollar-denominated senior unsecured notes to be issued by Sinopec Group Overseas Development (2016) Ltd. and guaranteed by China Petrochemical Corp. (Sinopec Group, Aa3 negative).

The outlook is negative.

Note proceeds will be used to refinance existing debt.

Sinopec Group's Aa3 issuer rating incorporates its baseline credit assessment (BCA) of a3 and Moody's expectation of a very high level of support from the Chinese government (Aa3 negative), if required, under Moody's joint default analysis approach for government-related issuers.

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