Moody’s rates Sinochem Offshore notes A3

Moody's Investors Service said it assigned an A3 rating to Sinochem Offshore Capital Co. Ltd.’s proposed CHF notes to be issued under its medium-term note program.

The program is rated at provisional A3 and guaranteed by Sinochem Hong Kong (Group) Co. Ltd. (Sinochem HK).

The outlook is stable.

Proceeds will be used for refinancing and general corporate purposes.

Sinochem HK's A3 rating reflects its baseline credit assessment of ba1 and four-notches of uplift due to the expected "high" level of extraordinary support from the Chinese Government (Aa3 stable) under Moody's joint default analysis approach for government-related issuers.

"Sinochem HK's 2014 results are slightly weaker than our expectation but its overall financial profile still supports its A3 rating," Joe Morrison, Moody's senior analyst and vice president and international lead analyst for Sinochem HK, said in a news release.

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