HONG KONG (Standard&Poor's) Jan. 11, 2013--Standard&Poor's Ratings Services today assigned its 'A-1+' short-term issue rating and 'cnA-1+' short-term Greater China regional scale rating to a US$300 million commercial paper (CP) program of Sinochem CP Co. Ltd., a fully owned subsidiary of Sinochem Hong Kong (Group) Ltd. (Sinochem HK: BBB/Stable/--; cnA/--). Sinochem HK unconditionally guarantees the program. An irrevocable direct-pay letter of credit (LOC) from Australia and New Zealand Banking Group Ltd. (ANZ: AA-/Stable/A-1+) New York Branch supports the CP program. In our view, the direct-pay LOC is irrevocable, unconditional, and timely, and therefore qualifies for rating substitution treatment. For that reason, we equalize the program rating with the rating on ANZ. ANZ's obligation in respect of
