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Fitch Upgraded Credit Ratings of Sinochem HK, SIC and Sinofert

Date:2018-04-19 Source:Sinochem Group

On April 12, Fitch Ratings completed its 2017 annual re-evaluation on Sinochem Hong Kong (Group) Company Limited (Sinochem HK), China-based Sinochem International Corporation (SIC), and China-based fertilizer company Sinofert Holdings Limited (Sinofert), upgrading Sinochem HK from "A-" to "A" with “Stable Outlook”; SIC and Sinofert were upgraded from "BBB+" to "A-" with “Stable Outlook.”

In recent years, Sinochem Group actively pushes forward strategic transformation and achieved fruitful results in reform and development. The company's performance and growth prospects is fully recognized by the rating agency.

Fitch Ratings stated in its report that "Sinochem is indirectly owned by China's central government and plays a pivotal role in China's supply of chemicals for the agricultural industry, and bears the responsibility for the research and development of the country's seed, fertiliser, and crop-protection sectors." "Sinochem HK's ratings are equalised with credit assessment of parent Sinochem Corp, reflecting strong ties between the two entities. So Fitch Ratings decide to upgrade Sinochem Hong Kong (Group) Company Limited's Long-Term Issuer Default Rating and senior unsecured rating." "As for Sinofert and Sinochem International are related to Sinochem Corp, so their ratings are also be upgraded."