HONG KONG (Standard&Poor's) May 13, 2014--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) Co. Ltd. (Sinochem HK: A-/Stable/--; cnAA/--). Sinochem HK unconditionally guarantees the program. An irrevocable direct-pay letter of credit from the New York Branch of Bank of China Ltd. (A/Stable/A-1; cnAA+/cnA-1) supports the CP program. In our view, the direct-pay letter of credit is irrevocable, unconditional, and timely, and therefore qualifies for rating substitution treatment. For that reason, we equalize the program rating with the short-term rating on Bank of China. Bank
