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S&P assigns Sinochem HK notes A-
S&P said it rated Sinochem Hong Kong (Group) Co. Ltd.’s planned senior unsecured notes A-. The issuance, comprising both U.S. dollar and euro-denominated notes, will be drawn from the company's $10 billion medium-term note and perpetual securities program.
Sinochem Offshore Capital Co. Ltd., a special purpose vehicle, will issue the notes and Sinochem Hong Kong will provide a guarantee.
“We equalize the rating on the proposed notes with the issuer credit rating on Sinochem Hong Kong (A-/stable/--) because of credit substitution under the guarantee. Although the company's priority debt ratio exceeds our notching threshold of 50%, we do not notch down the issue rating. This reflects our view that Sinochem Hong Kong is a core subsidiary of Sinochem Holdings, which has a very high likelihood of receiving extraordinary government support, if needed,” S&P said in a press release.
The company plans to use the proceeds for refinancing and general corporate purposes.
The outlook is stable.
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