Sinochem Group's importance to the Chinese government in supporting the country's food safety, productivity, and national security has been growing. We believe the likelihood of the group receiving extraordinary government support has increased to "very high" from "high." Consequently, we are raising the group credit profile of Sinochem Group to 'a-' from 'bbb+'. We continue to view Sinochem Hong Kong as the core subsidiary of Sinochem Group, and believe the higher likelihood of extraordinary government support can flow down from the parent to Sinochem Hong Kong. We are raising our long-term corporate credit rating on Sinochem Hong Kong and long-term issue ratings on the company's guaranteed senior unsecured notes to 'A-' from 'BBB+'. We are also raising our long-term Greater
