We consider Sinochem HK to be a government-related entity, and see a "high likelihood" of sufficient and timely extraordinary government support in the event of financial distress. We assigned our 'BBB+' long-term corporate credit rating to Sinochem HK and our 'BBB+' issue rating to the company's proposed senior unsecured notes. The negative rating outlook reflects our expectation that the company's credit metrics will remain weak for the rating. On Oct. 26, 2010, Standard&Poor's Ratings Services assigned its 'BBB+' long-term corporate credit rating to Sinochem Hong Kong (Group) Co. Ltd. (Sinochem HK). The outlook is negative. At the same time, we assigned our 'BBB+' issue rating to the proposed benchmark-sized senior unsecured notes to be issued by Sinochem Overseas
