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. HONG KONG (Standard&Poor's) Oct. 26, 2010--Standard&Poor's Ratings Services said today that it had 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
