Fitch upgrades Sinochem

Fitch Ratings said it upgraded Sinochem International Corp.'s long-term foreign-currency issuer default rating to A- from BBB+.

The outlook is stable.

The agency also upgraded the senior unsecured rating to A- from BBB+.

Fitch said the upgrade was driven by an upgrade in Fitch's internal assessment of parent Sinochem Corp., which owns 55.35% of the company.

“SIC's rating is derived from Sinochem Corp, reflecting its strong linkages with its parent, and is in line with Fitch's parent and subsidiary rating linkage criteria,” the agency said in a news release.

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