Fitch puts ChemChina on positive watch

Fitch Ratings said it placed China National Chemical Corp. Ltd. (ChemChina)’s A- long-term issuer default rating on rating watch positive. Fitch also put its outstanding senior unsecured bonds and guaranteed perpetual securities on rating watch positive.

“These actions follow the announcement that China's State Council has approved the joint restructuring of Sinochem Corp. Ltd. (Sinochem) and ChemChina. Under the restructuring, the two companies will become wholly owned subsidiaries of a new holding company (New Hold Co.) operated by the State-Owned Assets Supervision and Administration Commission of the State Council (Central Sasac),” Fitch said in a press release.

Fitch said it intends to resolve the rating watch upon the deal’s close.

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