Foreign currency: BBB/Stable/-- Local currency: BBB/Stable/-- Greater China regional scale: cnA/-- We believe government support could flow down to Sinochem Hong Kong (Group) Co. Ltd. (Sinochem HK), which we see as an integral part of the Sinochem Group, one of the largest state-owned enterprises in China. Sinochem Corp. owns 100% of Sinochem HK, and is in turn 98% controlled by Sinochem Group. Sinochem HK is the group's key platform to conduct international trade, investments, and offshore funding. In our view, the credit profiles of Sinochem HK, Sinochem Corp., and Sinochem Group are inseparable as the companies are fully integrated strategically, operationally, and financially. In accordance with our criteria for government-related entities, our view of a "high likelihood" of extraordinary government
