S&P ups Sinopec

Standard & Poor's said it raised the following ratings and removed them from CreditWatch, where they were placed with positive implications on July 31:

• The corporate credit rating on China Petrochemical Corp. (Sinopec Group) to AA-/A-1+ from A+/A-1; the outlook is stable;

• The issue ratings on all outstanding notes that Sinopec Group guarantees to AA- from A+;

• The issue ratings on all outstanding commercial papers that Sinopec Group guarantees to A-1+ from A-1;

• The long-term foreign currency corporate credit rating on China Petroleum & Chemical Corp. (Sinopec Corp.) to AA- from A+; the outlook is stable;

• The issue ratings on all outstanding notes that Sinopec Corp. guarantees to AA- from A+;

• The long-term corporate credit rating on Sinopec Century Bright Capital Investment Ltd. to A+ from A; the outlook is stable; and

• The Greater China regional scale rating on Sinopec Century Bright to cnAAA/cnA-1+ from cnAA+/cnA-1.

The agency also affirmed its A-1 short-term corporate credit rating on Sinopec Century Bright and all the Greater China regional scale ratings on Sinopec Group, Sinopec Corp. and their guaranteed notes.

"We raised the ratings on Sinopec because we believe that the group's financial strength will materially improve following sizable new capital from the divestment of minority stakes in its marketing business," S&P credit analyst Gloria Lu said in a news release.

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