S&P rates Sinochem notes BBB+

S&P said it assigned a BBB+ long-term corporate credit rating to Sinochem International Corp.

The outlook is stable.

The agency also said it assigned a BBB+ long-term rating to the senior unsecured notes issued by Sinochem's wholly owned subsidiary, Sinochem International Development Pte Ltd., and guaranteed by Sinochem International.

S&P also said it assigned a cnA+ long-term Greater China regional scale rating to the company and the proposed notes.

The ratings reflect the company's status as a highly strategic subsidiary of Sinochem Group, which owns 55.76% of the company, the agency said.

The ratings move in tandem with the group credit profile and also factor in the support likely to come from the Chinese government, if needed, based on the company's importance to national food security, Moody's said.

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