Moody’s rates Sinopec notes A1

Moody's Investors Service said it assigned an A1 rating to Sinopec Group Overseas Development (2018) Ltd.’s proposed notes. Parent China Petrochemical Corp., known as Sinopec Group, will guarantee the notes.

Moody’s also rated Sinopec Group A1.

Proceeds will be used to refinance Sinopec Group’s debt and for general corporate purposes.

The rating reflects the belief that the company can rely on a “very high level of support” from the Chinese government when needed, Moody’s said in a press release.

The sale of the notes won’t materially affect Sinopec Group’s leverage because they’ll be used to refinance existing notes, Moody’s said.

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