The rating on Sinochem Hong Kong (Group) Co. Ltd. (Sinochem HK) reflects our expectation of a "high likelihood" of timely and sufficient extraordinary support from the government of China (AA-/Stable/A-1+; cnAAA/cnA-1+), in the event of financial distress. We believe support from the government could flow down to Sinochem HK, which we consider as an integral part of the Sinochem Group (not rated), one of the largest state-owned enterprises in China. Sinochem Corp. (not rated) 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
