We continue to see Sinochem Hong Kong as a core subsidiary of Sinochem Group even after the spin-off of its oil and gas assets, given its strategic importance as the only offshore investment and financing platform of the group. We anticipate that Sinochem Hong Kong's credit metrics will improve modestly over the next two years due to the strong performance of its property segment and a slight recovery in its fertilizer segment, although leverage will remain high. We are affirming our 'A-' long-term issuer credit rating on Sinochem Hong Kong and our 'A-' long-term issue rating on all the company's guaranteed senior unsecured notes. The stable outlook reflects our expectation that Sinochem Hong Kong will remain a core subsidiary of
