S&P rates Sinopec notes A+

S&P said it assigned an A+ rating on notes to be sold by Sinopec Group Overseas Development (2018) Ltd. The notes will be guaranteed by China Petrochemical Corp., known as Sinopec Group.

Proceeds will be used to refinance debt and for general corporate purposes.

“The rating on Sinopec Group reflects the company’s a stand-alone credit profile and our opinion that there is an extremely high likelihood that the government of China would provide sufficient and timely extraordinary support to the group in the event of financial distress,” said S&P in a press release.

The outlook is stable and reflects the sovereign outlook on China.

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