Moody’s rates Sinopec notes A1

Moody's Investors Service said it assigned an A1 senior unsecured rating to the dollar-denominated senior unsecured notes to be issued by Sinopec Group Overseas Development (2017) Ltd. and guaranteed by China Petrochemical Corp. (Sinopec Group A1 stable).

The outlook is stable.

Note proceeds will be used to refinance existing debt and for general corporate purposes.

Moody’s said Sinopec Group's A1 issuer rating reflects its dominant positions in China's energy and chemical industries, highly integrated business portfolio, strong liquidity profile, and strategic importance to the Chinese government (A1 stable). Sinopec Group is the largest refiner in terms of crude distillation capacity in China, and the second-largest oil & gas producer in terms of production volume in the country.

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