We equalize the corporate credit rating on Sinochem Hong Kong (Group) Co. Ltd. with the 'bbb+' group credit profile of Sinochem Group. This is because we consider the company to be a "core" member of the group. Our assessment of the group credit profile of Sinochem is derived from: Our 'bb' anchor for Sinochem Group, which is based on our assessment that the group's business risk profile is "satisfactory" and its financial risk profile is "aggressive". Sinochem Group's stand-alone credit profile (SACP) of 'bb+' is one notch higher than the anchor owing to the group's moderate business diversity. The group credit profile is three notches higher than the SACP based on our view of a "high" likelihood that the group
